Former Labour Party presidential candidate, Peter Obi, has described Nigeria as "a crime scene where criminality is masquerading as governance" following revelations of a N210 trillion discrepancy in the Nigerian National Petroleum Company Limited (NNPCL) audited financial statements.
The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, uncovered the massive financial irregularities during a hearing on Wednesday. The committee questioned conflicting figures presented by NNPCL, particularly regarding accrued expenses and receivables recorded between 2017 and 2023.
According to the official 2023 audited financial statements already in the public domain, NNPCL recorded N103 trillion in accrued expenses and N107 trillion in receivables, totaling N210 trillion.
"Monumental Corruption" Holding Nigeria Hostage
Reacting to the findings on his X (formerly Twitter) account, Obi expressed profound disappointment: "It is with the utmost sadness that I once again reaffirm what I have consistently said: Nigeria has become a crime scene."
He further lamented, "This is not just another scandal, it is a clear and damning confirmation of a nation held hostage by monumental corruption."
The former presidential candidate highlighted that the total national budget from 2017 to 2023 amounted to approximately N88.010 trillion, which is less than 50% of the financial discrepancies uncovered in NNPCL's accounts.
Budget Breakdown vs. NNPCL Discrepancies
Obi provided a breakdown of Nigeria's national budgets during the period in question:
2017: N7.440 trillion
2018: N9.120 trillion
2019: N8.916 trillion
2020: N10.590 trillion (revised to N9.974 trillion due to COVID)
2021: N13.588 trillion
2022: N17.130 trillion
2023: N21.830 trillion
"Our total national budget within the said period was not up to 50% of the said financial discrepancies and irregularities," Obi emphasized.
He condemned the situation as "a criminal institutionalised betrayal of the Nigerian people and a grave threat to the future of the society our children will live in."
Concluding his statement, Obi called for immediate action: "No responsible nation can continue to function like this without confronting this truth. This criminality masquerading as governance must be stopped and dismantled for a better Nigeria."
The Senate's investigation continues as Nigerians await further developments on this significant financial scandal.
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