Connect with us

Hi, what are you looking for?

NigerianEyeNewsPaperNigerianEyeNewsPaper

Economy

SERAP Urges President Tinubu to Probe Missing N26bn in Oil Sector Funds

Abuja, Nigeria –The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an immediate investigation into allegations that over N26 billion in public funds are unaccounted for in the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources. The appeal was made in a letter addressed to the President, urging him to direct the Attorney General of the Federation, Mr. Lateef Fagbemi, SAN, and relevant anti-corruption agencies to probe the irregularities documented in the 2021 audited report by the Office of the Auditor-General of the Federation.

According to SERAP, the 2021 audited report, published on November 13, 2024, revealed several instances where funds appear to have been missing, diverted, or misused. The report highlighted numerous cases involving the PTDF and the Ministry of Petroleum Resources. Among these, the report noted that the PTDF reportedly paid over N25 billion for contracts that lacked proper supporting documents, raising serious concerns about the management of public funds.

Additional discrepancies include:

– Over N326 million deposited in two banks that were never accounted for.

– N107 million allegedly spent on a library automation project at the Petroleum Training Institute without proper approvals.

– Payments totaling N46 million made to three companies for services that were not verified or documented.

– Unremitted stamp duty of over N60 million from capital expenditure contracts.

– N64 million unaccounted for payment for store items.

– N41 million paid for services not yet performed or goods not supplied, with no invoices or receipts provided.

 

The report also revealed that the Federal Ministry of Petroleum Resources spent over N137 million on recurrent expenditures from the Capital Vote without necessary approval from the National Assembly and the Minister of Finance. Furthermore, the Ministry failed to account for consultancy fees of over N232 million for engagements in the Niger Delta and unremitted taxes and irregular payments for miscellaneous expenses.

In a letter dated February 1, 2025, SERAP deputy director Kolawole Oluwadare stressed the urgency of addressing these allegations. The letter states that any individual or group suspected of being responsible for the irregularities should face prosecution if there is sufficient admissible evidence. SERAP demanded that all missing funds be recovered and returned to the treasury.

Oluwadare emphasized the broader impact of the alleged misappropriation of funds. He noted, “Poor Nigerians have continued to pay the price for the widespread and grand corruption in the oil sector. Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money due to rampant corruption and the entrenched culture of impunity.”

He further added that recovered funds should be used to plug the deficit in the 2025 budget and help ease Nigeria’s mounting debt crisis. The deputy director argued that ensuring accountability in the oil sector is not only a matter of justice but also a crucial step in addressing Nigeria’s economic challenges.

SERAP’s allegations point to a grave violation of public trust and a breach of Nigeria’s Constitution, as well as its national and international anti-corruption obligations. The organization argued that the alleged diversion of funds reflects systemic issues within the management of Nigeria’s oil sector. These funds, if properly managed, could contribute significantly to the nation’s development and economic stability.

The potential impact of these allegations extends beyond the oil sector. SERAP warned that unchecked corruption in the management of oil revenues undermines public confidence in government institutions and has a direct effect on the cost of living for ordinary Nigerians. With oil revenues forming a significant part of the nation’s income, any loss of funds can exacerbate budget deficits and hinder economic recovery efforts.

SERAP has urged President Tinubu to act swiftly by instructing the Attorney General and the Minister of Justice to set up an effective probe. The investigation should involve appropriate anti-corruption agencies and should be conducted transparently to restore public trust in the management of oil sector funds. SERAP has made it clear that if the allegations are proven, those responsible must be held accountable, and all misappropriated funds should be recovered and returned to the national treasury.

The organization’s letter also calls on the government to demonstrate that the country’s wealth is being used solely for the benefit of the Nigerian people and for the prosperity of both present and future generations. By addressing these corruption issues, SERAP believes that Nigeria can make significant strides in reducing its budget deficit and mitigating the ongoing debt crisis.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Featured

  Wild Africa, an organization advocating for wildlife protection, has called for stricter penalties against wildlife crimes in Nigeria, particularly in the trafficking of...

Featured

  The Nigerian National Petroleum Company (NNPC) Limited has refuted claims circulating in a viral video that its fuel burns faster than other brands,...

Uncategorized

  A motorist in Abuja has accused officers of the Federal Capital Territory (FCT) Police Command of assaulting him and extorting N350,000 under the...

Featured

  Brigadier General Maharazu Tsiga has been kidnapped by the notorious bandit leader Babaro and is reportedly being held hostage in Bununu Forest, located...

Copyright © 2023 NigerianEyeNewsPaper.Com. Design by Weforce Digital Technologies