SERAP tasks Tinubu to investigate $15bn, N200bn missing oil revenue

 

After the Nigeria Extractive Industries Transparency Initiative (NEITI) reported that over $15 billion in oil revenues and N200 billion budgeted to repair refineries are missing and unaccounted for between 2020 and 2021, Socio-economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to quickly establish a presidential panel of enquiry to promptly investigate the grave allegations.

Additionally, SERAP exhorted the President to fully carry out all the suggestions made by NEITI in its 2021 report.

The institution said there is a legitimate public interest in seeking justice and accountability for these charges in a letter dated September 23, 2023, written by Kolawole Oluwadare, the Deputy Director of SERAP. These crucial actions would put an end to the criminals’ impunity.

“As President and Minister of Petroleum Resources, your office ought to be concerned about these damning revelations, by getting to the bottom of the allegations, ensuring that suspected perpetrators are promptly brought to justice, and any missing public funds fully recovered,” te statement read.

The agency noted that failing to take these actions will result in major issues with resource allocation and aggravate the nation’s debt load.

“It would also create cynicism, suspicion, and eventually citizens’ distrust about the ability of your government to combat high-level official corruption, as well as deter foreign investment, limiting growth and development,” the statement added.

According to SERAP, the findings point to a serious breach of the public trust, the Nigerian Constitution of 1999 [as amended], national anticorruption laws, and the nation’s commitments under the UN convention against corruption.

“The allegations of corruption documented by NEITI undermine economic development of the country, trap the majority of Nigerians in poverty, depriving them of opportunities.”

“According to the 2021 report by NEITI, the government agencies, including the Nigerian Petroleum Development Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) failed to remit $13.591 million and $8.251 billion to the public treasury.

“The NNPCL and NPDC failed to remit over 70 per cent of these public funds. NEITI wants both NNPC and NPDC to be investigated, and for the missing public funds to be fully recovered.”

Quoting Section 16(1) of the Constitution, the organisation said the government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice, equality of status and opportunity.