SERAP urges President Tinubu to probe ₦94.4bn petroleum fund mismanagement

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an investigation into the alleged mismanagement of over ₦94.4 billion in public funds. The demand follows findings in the 2024 Annual Report of the Auditor-General of the Federation, which covers transactions from January 2023 through December 2024.

The allegations involve the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Specifically, the audit raised concerns regarding the diversion, non-remittance, or irregular expenditure of petroleum-product revenues, natural gas sales, and gas-flaring penalties. One specific finding noted an alleged failure by the MDGIF to remit ₦26.549 billion in revenue from petroleum product sales between January 2022 and December 2024.

SERAP has urged the President to direct anti-corruption agencies to investigate the matter, recover any diverted funds, and prosecute responsible parties. Additionally, the organization requested that the MDGIF publish its audited financial statements for 2022, 2023, and 2024 for review by the National Assembly's Public Accounts Committees.