NNPC Faces Scrutiny Over Missing Oil Revenues

NNPC Faces Scrutiny Over Missing Oil Revenues

The Nigerian National Petroleum Corporation (NNPC) has been issued an ultimatum by the Socio-Economic Rights and Accountability Project (SERAP) to provide explanations regarding the alleged missing oil revenues…..READ ALSO

SERAP, a non-governmental organization focused on promoting transparency and accountability in Nigeria, has demanded answers from Mele Kolo Kyari, the Group Chief Executive Officer of NNPC.

The demand comes following revelations in the latest annual report by the Auditor-General of the Federation, which suggests that significant amounts of oil revenues, totaling USD$2.04 billion and N164 billion, are unaccounted for. SERAP has urged Kyari to promptly address these allegations and identify those responsible for the missing funds.

In a letter dated February 17, 2024, SERAP called for decisive action within seven days to recover and remit the missing revenues into the Federation Account. The organization emphasized the detrimental impact of the missing funds on Nigeria’s economy, contributing to deficit spending and hindering the provision of essential public services.

SERAP highlighted the need for transparency and accountability in managing oil revenues to advance the rights of Nigerians to restitution and compensation. Failure to address these concerns within the stipulated timeframe may result in legal action to compel NNPC’s compliance with SERAP’s requests.

The missing oil revenues, if recovered and properly managed, could significantly alleviate poverty and improve access to public goods and services for Nigerians. SERAP’s advocacy underscores the importance of holding public institutions accountable for their stewardship of national resources and upholding the principles of good governance.