In Nigeria, the Senate Committee has recently identified an alleged ₦210 trillion discrepancy in the financial records of the Nigerian National Petroleum Company Limited (NNPCL) during the years 2017-2023, when the late President Muhammadu Buhari was in office.
How is ₦210trillion missing? Let us do math to consider the value of that money.
1) Consider that ₦210trillion in today’s exchange rate is ≈ $153.3billion.
2) Nigeria’s 2025 GDP was an estimated $285 billion. So $153.3bil/$285bil= $0.5379. Meaning the unaccounted NNPCL figure is about 53.79% of Nigeria’s 2025 GDP.
3) Nigeria’s total national debt (domestic and international) is about ₦153 trillion (~$104billion). Calculated: ₦210tril ($153.3bil)/₦153tril ($104bil) ≈ 1.47%. So about 147% or $49.3billion MORE than the country’s national debt is missing.
4) Worded differently: enough money is missing to make Nigeria debt free today, with $49.3billion leftover to invest in a 12-year development project involving industrialization/manufacturing, infrastructure, education, research & innovation, healthcare, agriculture, and security that would embrace each region.
5) Nigeria’s population is about is about 230 million people. So ₦210 trillion / 230million people = ₦913,043 per person (≈$655–$660 per person) Meaning every Nigerian would receive almost ₦1million if the missing/unaccounted funds was evenly distributed to the people.
6) And it is possible the shortfall is even modest compared to the reality. Just imagine if a forensic audit was conducted to account for historical missing funds of the Nigerian government from independence, or at least the beginning of the 4th Republic (1999). It would enter many trillions not invested in national development for the welfare of the people.
A clarification is needed with proper tracing of funds to account for the discrepancy and every naira that appears missing. It is unfortunate that Nigeria continues to squander its future. We need to get serious as a country to ensure the right leaders are in position who will responsibly use funds solely for the benefit of the Nigerian people.
I weep for Nigeria and Africa. A change is needed.
~Dr. Ikenna A. Ezealah
JD, PhD, MBA
Builder of the African Future
Nation Upbuilding 