SERAP: Tinubu, Probe missing $15bn, N200bn oil revenues
THE Socio-Economic Rights and Accountability Project, SERAP, has urged President Bola Tinubu to set up a presidential panel of enquiry to probe the alleged missing and unaccounted $15 billion of oil revenues, and N200 billion budgeted to repair the refineries between 2020 and 2021.
The budget which is contained in a document by the Nigeria Extractive Industries Transparency Initiative, NEITI.
According to the statement released by SERAP, the group urge the President and Minister of Petroleum Resources, to use his position to get to the bottom of the allegations and ensuring that suspected perpetrators are promptly brought to justice, and any missing public funds fully recovered.
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.
In another report it also shows that in 2021, the State Owned Enterprises, SOE, and its subsidiaries (the NNPC Group) reportedly spent $ 6.931 billion on behalf of the Federal Government but without appropriation by the National Assembly. The money may be missing.
Similarly,NNPC also reportedly obtained a loan of $3 billion in 2012 purportedly to settle subsidy payments due to petroleum product marketers but there is no disclosure of the details of the loan, subsidy and the beneficiaries of the payments.
The report also shows that N9.73 billion was paid to the NNPC as pipeline transportation revenue earned from Joint Venture operations but the money was neither remitted to the Federation nor properly accounted for. The NPDC in 2021 also failed to remit $7.61 million realized from the sale of crude oil.
