December 3, 2023
Probe Missing $15bn, N200bn Of Oil Revenues, SERAP Tells Tinubu
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Probe Missing $15bn, N200bn Of Oil Revenues, SERAP Tells Tinubu

The Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to set up a panel to probe the allegations that over US$15 billion of oil revenues is missing and unaccounted for between 2020 and 2022. 

A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) further alleges that N200 billion budgeted to repair the refineries was also unaccounted for within the same period.

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A NEITI 2021 report accuses the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) of failing to remit a combined $14.3 billion to the public treasury.

SERAP also says Nigeria has an obligation to implement the Extractive Industries Transparency Initiative (EITI) Standard, which sets out the transparency norms with which participating States including Nigeria must comply.

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