Segun Sanni, Chief Economist of Afenifere, has called for a thorough investigation into the Nigerian National Petroleum Company Limited (NNPCL), similar to the recent probe of the Central Bank of Nigeria (CBN). Speaking on Channels Television’s Sunrise Daily on Wednesday, Sanni emphasized that such an investigation could help trace the nation’s missing oil revenue and bring transparency to the oil sector.
Thank you for reading this post, don't forget to subscribe!Sanni pointed out that Nigeria had been losing approximately one million barrels of oil per day for two years, and questioned where the money from these losses had gone. He raised concerns about the level of corruption tied to the subsidy regime, suggesting that a deep investigation could help the country recover some of its lost funds.
“What I will suggest is that the same way we investigated CBN, the NNPC needs to be investigated,” Sanni said. “If we investigate the NNPC for the oil we were losing, we can track where the money went and uncover the corruption in the subsidy regime.”
He went further to accuse the NNPCL of being one of the most corrupt and inefficient organizations globally, stating that the company does not own Nigeria’s oil but merely trades it on behalf of the nation and collects the revenues.
Sanni also expressed frustration over Nigeria’s rising debt, which he said has multiplied tenfold since 2015, largely due to the expenses incurred by the NNPCL. He added that the rising cost of petrol, linked to various economic indicators, is worsening the financial strain on Nigerians and impacting the broader economy.
He stressed that Nigeria is currently in a precarious financial position, with the government spending 75% to 80% of its revenue on debt servicing. To address this, Sanni urged the government to explore other revenue-generating sectors, particularly solid minerals, and to manage the nation’s finances more prudently.
Finally, Sanni advised the government to cut down on unnecessary spending, arguing that “a government living lavishly cannot in all conscience tell Nigerians that we are broke.”
