By Muhammad Mamman
A coalition of professionals has dismissed claims that about ₦210 trillion is missing from the accounts of the Nigerian National Petroleum Company Limited (NNPCL), describing the allegation as a misinterpretation of the oil company’s financial statements.
In a statement released this week, the Ajiya Solidarity Forum (ASF) said the widely circulated figure does not represent missing public funds but rather accounting entries that have been incorrectly interpreted in public debate. 
The forum’s reaction follows earlier concerns raised by the Nigerian Senate Public Accounts Committee over discrepancies amounting to ₦210 trillion in NNPCL’s audited financial reports covering the period between 2017 and 2023. The committee had demanded explanations from the state-owned oil firm over figures recorded as “accrued expenses” and “receivables.” 
However, ASF argued that the numbers cited by lawmakers were derived from a misunderstanding of standard accounting classifications.
According to the group, about ₦103 trillion listed in the financial statements represents accrued expenses tied to multi-year operational obligations such as production costs, royalties and joint-venture liabilities in the oil sector. Another ₦107 trillion recorded as receivables refers to funds owed to the national oil company, including subsidy reimbursements and other government-related obligations. 
“Labeling receivables as missing funds is misleading and distorts the financial position of the company,” the forum said, warning that such claims could inflame public sentiment without reflecting the technical realities of the accounts. 
The group also noted that Nigeria’s entire 2024 national budget stands at roughly ₦28.7 trillion, arguing that the notion that a single agency could have lost ₦210 trillion—several times the size of the federal budget—lacks economic logic. 
ASF further highlighted reforms undertaken by NNPCL in recent years, including the publication of audited financial statements for the first time in decades and the transition of the corporation into a commercially oriented company under the Petroleum Industry Act.
While acknowledging the oversight responsibilities of lawmakers, the forum urged the Senate committee to pursue a “technical reconciliation” of the accounts rather than rely on figures it described as “phantom numbers.”
Analysts say the controversy reflects ongoing scrutiny of transparency and financial reporting in Nigeria’s oil sector, which remains the backbone of the country’s economy.
The Senate Public Accounts Committee is expected to continue its review of the oil company’s financial records as discussions over the disputed figures continue.
