President Bola Tinubu has been called by the Socio-Economic Rights and Accountability Project (SERAP) to look into the allegedly missing oil revenues allocated to fix the nation’s refineries.
According to a report from the Nigeria Extractive Industries Transparency Initiative (NEITI), between 2020 and 2021, about US$15 billion in oil earnings and N200 billion in refinery maintenance planned funds are allegedly missing and unaccounted for.
In response to the accusations, SERAP requested Tinubu to identify the culprits and secure their successful prosecution in addition to the complete recovery of criminal proceeds.
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Additionally, they exhorted the President to completely carry out all the suggestions made in the NEITI’s 2021 report.
“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 brought to justice promptly, and ensuring that any missing public funds are fully recovered,” the organisation stated in a letter dated September 23, 2023, and signed by SERAP deputy director Kolawole Oluwadare.
“Any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing public funds would have serious resource allocation and exacerbate the country’s debt burden.
“The findings by NEITI suggest a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anti-corruption laws, and the country’s obligations under the UN Convention against Corruption.
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“The allegations of corruption documented by NEITI undermine the economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.
“According to the 2021 report by the Nigeria Extractive Industries Transparency Initiative (NEITI), government agencies including the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) failed to remit $13.591 million and $8.251 billion to the public treasury.
“The NNPC and NPDC failed to remit over 70% of these public funds. NEITI wants both the NNPC and NPDC to be investigated, and for the missing public funds to be fully recovered.
“The report documents that about N200 billion was spent on ‘refineries rehabilitation’ between 2020 and 2021 but none of the refineries was operational in 2021 despite the spending. NEITI wants the spending to be investigated, as the money may be missing.”
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