‘How Did NNPCL Amass $1.42bn, ₦5.57trn Debt Instead Of Profits’, Shehu Sani Queries

Former Kaduna Central senator, Shehu Sani, has raised concerns over the circumstances surrounding the debt accumulated by the Nigerian National Petroleum Company Limited (NNPC Ltd), despite recent approval by President Bola Tinubu to write off the liabilities.

Reacting to the development, Sani questioned how a national oil company expected to generate profits ended up owing $1.42 billion and ₦5.57 trillion over the years, describing the situation as troubling and deserving of public explanation.

In a post shared on his X on Tuesday, Sani acknowledged the gesture of debt forgiveness but insisted that accountability must not be overlooked.

“Debt forgiveness is good; but how did the NNPCL amass a debt of $1.42 billion and ₦5.57 trillion over the years when it is supposed to be making profits?” he wrote.

Sani further queried the process through which the liabilities were accumulated, asking, “How did the debt accrue and who were those that dragged it to debt over the years?”

According to him, clearing the books without transparency undermines public trust, adding that “their sins shouldn’t just be forgiven without their confession or explanation.”

Tinubu had approved the write-off of the NNPC Ltd’s legacy debts on December 29, 2025, following a reconciliation exercise by the Nigerian Upstream Petroleum Regulatory Commission and deliberations at the Federation Account Allocation Committee.

The decision cleared most of the company’s outstanding obligations recorded up to December 31, 2024, a move the government described as necessary to align financial records and address long-standing accounting discrepancies.