The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to initiate an investigation into allegations made by the Auditor-General of the Federation that public funds of up to US$2.1 billion and N3.1 trillion meant for fuel subsidies are missing and unaccounted for between 2016 and 2019. SERAP has also urged Tinubu to name and shame anyone suspected of being behind the corruption and mismanagement of public funds budgeted for fuel subsidy.
SERAP has further called on Tinubu to ensure that any proceeds of crime are fully recovered and to use them as palliative measures for poor Nigerians in the event of a subsidy removal. In a letter addressed to Tinubu, SERAP has clarified that any policy to remove fuel subsidy must follow due process of law and poor Nigerians must not be forced to bear the brunt of missing crude oil and public funds while state and non-state actors profit from the money intended for them.
SERAP recommends that Tinubu set up a presidential panel, headed by a retired justice of the Supreme Court or Court of Appeal, to independently investigate all fuel subsidies paid by the successive governments since 1999. The organization stated that the panel must include members with proven professional records and of the highest integrity to ensure impartiality, transparency, and independence. SERAP has set a three-day deadline for Tinubu to respond to their request, stating that if they do not hear from Tinubu within that time frame, legal action will be taken to compel the government to comply with their request in the public interest.
The Auditor-General reports from 2016-2019 indicate that the Nigerian National Petroleum Corporation (NNPC) failed to remit N663,896,567,227.58 into the Federation Account, money that may be missing. Furthermore, the NNPC failed to account for the allocation of crude oil to refineries in 2019, and as such, the crude valued at N55,891,009,960.63 may have been diverted. In addition, the NNPC also reportedly failed to remit N1,955,354,671,268.66 and N55,157,702,848.74 of generated revenues into the Federation Account, with the Auditor-General fearing that the money may have been diverted.