By now, many Nigerians have heard the headline-grabbing claim made by Senator Aliyu Wadada, Chairman of the Senate Public Accounts Committee, alleging a N210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL). The figure was presented with the air of a major discovery. But on closer examination, it reflects a serious misunderstanding of financial reporting, and reveals troubling questions about the Senator’s grasp of basic arithmetic.

According to the Senator, the discrepancy was derived by summing NNPCL’s reported N103 trillion in accrued expenses and N107 trillion in receivables. However, these figures are not meant to be added. They represent liabilities and assets, respectively. The accurate approach to determining the net position is to subtract one from the other, not combine them. A simple calculation, N107 trillion minus N103 trillion, yields a N4 trillion balance, not a N210 trillion shortfall.

This is not a matter of technical or advanced accounting. It is basic arithmetic, the kind of elementary analysis required for an introductory understanding of a balance sheet. For this mistake to come from a senior lawmaker charged with oversight of public accounts is surprising and deeply concerning.

What makes this episode more troubling is the potential fallout. A claim of a N210 trillion discrepancy is almost four times the size of Nigeria’s entire 2025 federal budget of N54.99 trillion and rivals the country’s total gross domestic product. Such a statement, if taken at face value, could do real damage, eroding investor confidence, undermining trust in national institutions, and misleading the public on the state of public finances.

Had this error been made in a private conversation or closed-door meeting, it might have been quietly corrected. But the Senator made his assertion in a public, televised setting, using the platform of a Senate hearing to project what turned out to be a fundamental miscalculation. That he did so with absolute confidence only adds to the concern.

This incident inevitably raises deeper questions. If the Chair of the Senate Public Accounts Committee cannot accurately interpret the most basic elements of a financial report, what does that mean for the quality of oversight being carried out in other areas? What other decisions are being shaped by similarly flawed interpretations?

Leadership, particularly in critical oversight roles, requires a blend of integrity, diligence, and technical competence. The role of Public Accounts Committee Chair is not ceremonial. It carries the burden of holding ministries, departments, and agencies accountable through careful scrutiny of financial records. A misreading of this scale undermines that responsibility and calls into question the Senator’s capacity to carry it out effectively.

At a time when Nigeria is facing significant economic challenges, every word spoken by public officials carries weight. Accuracy and clarity are necessities. What is required is thoughtful, fact-based leadership, not theatrical displays.

Senator Wadada owes Nigerians a correction, and the Senate must reflect seriously on the implications of such an oversight. Public trust in institutions is hard to win and easy to lose. Errors of this magnitude do not just cast doubt on one man’s capabilities; they weaken confidence in the entire process of governance.

•Naa’la, a public affairs commentator, writes from Abuja