The Federation has racked up a staggering N17.5tn as debt owed to the Nigerian National Petroleum Company Limited for pipeline protection and energy security operations the oil giant undertook on behalf of the nation in the financial year ended 2024.
Court orders FG, 36 states, FCT to provide free, compulsory education to every Nigerian child
This came as analysts demanded a forensic audit of the N17.5tn spending, and expressed concern over the pipeline protection and energy-security costs, citing persistent leakages, low crude production, and systemic opacity in the national oil company.
Findings showed that out of the total amount, N7.13tn was spent as energy-security costs to keep petrol prices stable whenever the gap between the exchange rate and the ex-coastal price of refined petrol widened.
This is according to NNPC’s 2024 consolidated financial statements, analysed by our correspondent on Thursday.
The costs also showed that a significant portion of the expenditure went into safeguarding Nigeria’s critical oil and gas infrastructure.
This included pipeline surveillance, repairs, prevention of crude oil theft, and security operations aimed at ensuring an uninterrupted energy supply across the country.
[The Punch]
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
