The African Democratic Congress (ADC) has called on the Federal Government and the Nigerian National Petroleum Company Limited (NNPC Ltd.) to publicly account for trillions of naira reportedly spent on energy security, saying the figures contained in the company’s 2024 audited financial statements raise serious questions.
In a statement issued on Tuesday, July 21, by its National Publicity Secretary, Bolaji Abdullahi, the opposition party said Nigerians deserve a detailed explanation of the huge expenditure and the benefits derived from it.
According to the ADC, the audited accounts showed that NNPC Ltd. recorded ₦7.13 trillion under “Energy Security” for the 2024 financial year.
The party added that when other fuel-related costs and receivables reflected in the accounts are included, the amount rises to about ₦17.5 trillion.
“The figures raise questions that cannot be ignored by the Tinubu-led APC government.
“Only a few years ago, Nigerians debated a pipeline surveillance contract worth about N48 billion. Today, the audited accounts record N7.13 trillion under “Energy Security” for 2024.
“When other fuel-related costs and receivables reflected in the accounts are taken into consideration, the amount rises to about N17.5 trillion.
“Nigerians deserve to know what accounts for such an extraordinary escalation and, more importantly, what value the country has received in return,” the statement read.
The party said while safeguarding Nigeria’s oil and gas infrastructure is a legitimate responsibility of government, spending on security should not be shielded from public scrutiny.
“As a responsible political party, the ADC recognises that protecting Nigeria’s oil and gas infrastructure is a legitimate national priority. But spending in the name of security cannot be exempt from public scrutiny. The bigger the bill, the stronger the obligation to explain it.”
The party referenced reports identifying Tantita Security Services Nigeria Ltd., a company linked to Government Ekpemupolo, popularly known as Tompolo, as a key beneficiary of pipeline surveillance contracts.
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It noted that Tompolo has recently become a prominent supporter of President Bola Tinubu’s re-election campaign, arguing that the development makes transparency even more necessary.
“Public reports have consistently identified Tantita Security Services Nigeria Ltd., a company linked to Government Ekpemupolo (Tompolo), as a major beneficiary of pipeline surveillance contracts.
“At the same time, Government Ekpemupolo has recently emerged as a prominent mobiliser for President Tinubu’s re-election campaign. These are facts that make transparency even more imperative.
“Nigerians are entitled to ask whether public funds appropriated for pipeline security are being used solely to protect critical national assets, or whether the lines between state expenditure and political mobilisation have become blurred,” it stated.
The ADC demanded details of all pipeline surveillance and energy security contracts awarded since President Tinubu assumed office in May 2023.
“In this regard, Nigerians are entitled to know how much has been spent on pipeline surveillance and energy security since President Bola Tinubu came into office in May 2023, who received the contracts, how much was paid, what results were achieved, and whether any independent value-for-money assessment was carried out.
“These are ordinary questions that, in any democracy, should attract ordinary answers,” the statement stated.
The party also questioned whether the huge spending had translated into improved economic conditions for Nigerians.
“At a time when families are struggling with the cost of food, transport and electricity, when businesses are closing their doors and young people cannot find jobs, Nigerians have a right to ask whether the trillions of Naira spent in the name of energy security have made the country more secure, the economy more productive, or the lives of ordinary citizens any better. If the answer is yes, the government should have no difficulty showing Nigerians the evidence,” the statement asked.
The ADC therefore urged President Tinubu, the leadership of NNPC Ltd. and relevant committees of the National Assembly to immediately publish the full breakdown of the expenditure.
“We therefore call on President Bola Ahmed Tinubu, the Board and Management of NNPC Ltd., and the relevant committees of the National Assembly to immediately publish the full details of the energy security expenditure.
“The question is no longer how much was spent. The question is what Nigeria has to show for it,” it added.