NNPCL's N7.1trn Energy Security Spending Under Scrutiny

The NNPCL's 2024 audit report, released in November 2025, indicates a significant N7.1 trillion expenditure categorized as Under Recovery/Energy Security Expense. The report does not specify the exact purpose of these funds, but experts suggest they may relate to fuel subsidy payments or gas pipeline protection.

NNPCL's Chief Corporate Communications Officer, Andy Odeh, did not respond to inquiries regarding the report. According to the report, the federal government has instructed NNPCL to maintain a regulated price for Premium Motor Spirit (PMS), despite the higher costs of importing it.

The report states that the government owes NNPCL N17.512 trillion for energy security costs, which includes N8.67 trillion for energy security expenses and N8.840 trillion in other receivables. The energy security expense is attributed to exchange rate differentials affecting PMS pricing.

The African Democratic Congress has called on President Bola Ahmed Tinubu, NNPCL, and the National Assembly to provide public accountability for these expenditures.