A youth coalition has thrown down the gauntlet to the Senate over its headline-grabbing ₦210 trillion NNPCL figure, calling the claim “a scandal that collapses under basic arithmetic.”
In a sharply worded statement on Friday, the Fiscal Accountability Committee of Tomorrow (FACT), led by Johnson Momodu, dismissed the number as “a category error dressed up as outrage” and challenged lawmakers to either substantiate it – line by line – or withdraw it entirely.
“Before the noise, before the TV debates, there’s a simple obligation: do the math,” the group said.
And the math, they argue, doesn’t add up.
FACT lined the figure against Nigeria’s 2024 budget of ₦28.7 trillion and found it staggering – more than seven times the country’s annual spending plan. “Translated,” the group said, “this suggests a single company touched value equal to over seven years of Nigeria’s total budget within the same seven-year period. Even without a calculator, that should raise eyebrows.”
So what is the ₦210 trillion? Not missing cash, FACT insists. Instead, they describe it as an accounting pile-up: a blend of NNPCL’s liabilities – joint venture costs, royalties – and receivables such as subsidy claims owed to the company.
“Bundling these figures and branding them ‘missing money’ isn’t a slip,” the statement read. “It’s either a deep misunderstanding – or a convenient distortion.”
To drive the point home, the group reached for a street-level analogy: “If you owe your landlord ₦500,000 and someone owes you ₦500,000, you’re not ₦1 million poorer. On paper, you’re square.”
Adding weight to their argument, FACT noted that Senate Public Accounts Committee Chairman, Senator Wadada, has already clarified that the Senate never declared the ₦210 trillion as stolen or missing.
“Strip away the theft narrative,” FACT said, “and what’s left is not a scandal – at least not yet. It’s an accounting question.”
Still, the group isn’t letting the matter slide. It issued three direct demands to the Senate:
▪︎ Show the working: Publish the full methodology behind the figure.
▪︎ Break it down: Clearly separate actual losses from liabilities and receivables.
▪︎ Follow the trail: Identify any sums linked to individuals, accounts, or unlawful transactions.
“If none of these can be proven,” FACT warned, “then this isn’t a financial crime grounded in fact. It’s just a number in search of meaning.”
The group insists it is not defending any institution, but rather pushing for sanity in public discourse.
“We’re tired of debates collapsing under the weight of oversized figures that defy common sense,” the statement said.
Their closing line lands like a headline in itself:
“Show us the math – or withdraw the number.”
For now, FACT argues, ₦210 trillion behaves less like a real figure – and more like a viral talking point.
