The Nigerian Senate has raised fresh concerns after uncovering about N300 billion in crude oil proceeds that have not been properly accounted for. According to the lawmakers, the missing funds were discovered during a review of financial reports from agencies responsible for oil sales and revenue collection. The revelation has triggered public debate, as many Nigerians demand transparency over how such a huge sum could go missing.

Senators explained that the inconsistencies were found in documents submitted by key government agencies, including those in charge of petroleum exports and national revenue. They noted that several transactions did not match the amounts recorded in official accounts, creating what they describe as major financial gaps. The lawmakers insist that the issue must be thoroughly investigated to uncover the truth behind the missing money.

The Senate also stressed that the discovery raises serious questions about accountability in the oil sector, which remains the country’s biggest source of income. They warned that continued financial leakages could damage the economy and reduce funds needed for national development. The lawmakers have therefore called for tougher oversight and stricter punishment for anyone found guilty of mismanaging public resources.

This development has stirred reactions from civil groups and citizens who are demanding full disclosure and immediate action. Many believe the findings prove Nigeria still struggles with revenue transparency, especially in the oil industry. The Senate has pledged to continue its investigation until every kobo is traced and all responsible officials are held accountable.