SERAP Demands Accountability from Tinubu Over N94.4bn Mismanagement
The Socio-Economic Rights and Accountability Project (SERAP) has demanded that President Bola Tinubu conduct an investigation and account for over N94.4 billion in petroleum revenues and gas-flaring penalties that have allegedly been diverted, unremitted, or spent irregularly. This demand was made in an open letter dated October 3, 2026, signed by SERAP's Deputy Director, Kolawole Oluwadare.
The allegations stem from the Auditor-General of the Federation’s 2024 Annual Report, published on August 7, 2026, covering the period from January 2022 to December 2024. SERAP specifically requests that the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) account for the funds and publish details of revenues due and collected.
The report indicates that MDGIF failed to remit N26,549,415,244.48 from petroleum product sales and N12.480 billion in gas-flaring penalties for 2023. Additionally, NUPRC is accused of failing to collect and remit N38,610,104,671.31 in gas-flaring penalties.
SERAP's letter emphasizes the potential environmental and civil crises resulting from these financial mismanagement issues.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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