As documented by the Nigeria Extractive Industries Transparency Initiative (NEITI), the Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to “set up a presidential panel of enquiry to promptly probe the grim allegations that over US$15 billion of oil revenues, and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021.”
SERAP demanded that Tinubu publicly identify those who are thought to be involved for the disappearance of public cash and to take steps to ensure that they are brought to justice and that the stolen money is recovered in full.
In addition, he was asked by the group “to fully implement all the recommendations by NEITI in its 2021 report.”

There is a legitimate public interest in pursuing justice and responsibility for these severe claims,” the organization wrote in a letter dated 23 September 2023 and signed by SERAP deputy director Kolawole Oluwadare. If these crucial steps were taken, criminals would no longer enjoy impunity.
“As President and Minister of Petroleum Resources, your administration should be worried about these damaging disclosures, by investigating the claims and making sure that those responsible are brought to justice quickly and that any stolen money is recouped in full.
Resources would be badly allocated, and the country’s debt would increase, if the allegations weren’t investigated, the culprits brought to jail, and the stolen money recovered.
To quote the report: “The findings of NEITI reveal a major violation of the public trust and the requirements of the Nigerian Constitution 1999 [as amended], national anti-corruption laws, and the country’s duties under the UN Convention against Corruption.
“The allegations of corruption documented by NEITI undermine economic development in the country, trap the majority of Nigerians in poverty, and deprive them of opportunities.”
“It is your government’s fundamental obligation to provide citizens with information on how tax dollars are being spent.
The Nigerian Extractive Industries Transparency Initiative (NEITI) found in its 2021 report that the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) had respectively failed to transfer $13.591 million and $8.251 billion to the country’s general fund.
Over 70% of these public revenues were not remitted by the NNPC and NPDC. NEITI demands an inquiry into the NNPC and NPDC and the return of all misappropriated public cash.
The study states, “Despite spending almost N200 billion on’refineries rehabilitation’ between 2020 and 2021, none of the refineries were operating in 2021. NEITI is demanding an audit of the expenditures since some of the money may have vanished.
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