Toba Owojaiye reporting
SERAP has urgently called upon President Bola Tinubu to establish a presidential inquiry panel to investigate deeply troubling allegations of missing funds, specifically over US$15 billion in oil revenues and N200 billion intended for refinery repairs.
These allegations were disclosed by the Nigeria Extractive Industries Transparency Initiative (NEITI) for the period spanning 2020 and 2021.
In a letter dated September 23, 2023, SERAP’s Deputy Director, Kolawole Oluwadare, emphasized the need for justice and accountability in light of these grave accusations.
The organization stressed President Tinubu’s duty as both President and Minister of Petroleum Resources to investigate these revelations, promptly prosecute suspected wrongdoers, and recover any missing public funds.
SERAP highlighted the potential repercussions of failing to address these allegations, including adverse effects on resource allocation, increased national debt, erosion of trust in the government’s anti-corruption efforts, diminished foreign investment, and hindrance to overall growth and development.
SERAP set a seven-day timeframe for the recommended actions to be taken, threatening legal action to ensure compliance if the government does not respond.
NEITI’s findings indicate significant breaches of public trust, violations of constitutional and anti-corruption laws, and failures to meet international obligations. These allegations undermine Nigeria’s economic development, perpetuate poverty, and deprive its citizens of opportunities.
SERAP stressed the government’s constitutional duty to ensure transparency and accountability in managing the nation’s wealth and resources.
NEITI’s 2021 report highlights failures by government agencies, such as the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC), to remit significant sums to the public treasury. These unremitted funds account for over 70% of the missing public funds. NEITI has called for investigations into both agencies and the recovery of these funds.
The report also raises concerns about the State-Owned Enterprises (SOE), including the NNPC Group, allegedly spending $6.931 billion on behalf of the Federal Government without proper appropriation by the National Assembly. Transparency issues surround a $3 billion loan obtained by the NNPC in 2012 for settling subsidy payments to petroleum product marketers.
NEITI’s report further reveals that N9.73 billion in pipeline transportation revenue was paid to the NNPC but not remitted to the Federation.
Additionally, the NPDC failed to remit $7.61 million from the sale of crude oil. Lastly, approximately N200 billion allocated for “refinery rehabilitation” between 2020 and 2021 remains unaccounted for despite non-operational refineries in 2021. NEITI calls for a thorough investigation into this spending.