President Bola Ahmed Tinubu has come under pressure following calls from the Socio-Economic Rights and Accountability Project (SERAP) to investigate the alleged disappearance of N26 billion from the Ministry of Petroleum Resources in 2021.
In a statement released on Saturday, SERAP called on President Tinubu to direct the Attorney General of the Federation, Mr Lateef Fagbemi, SAN, and relevant anti-corruption agencies to conduct a swift investigation into the financial discrepancies detailed in the 2021 audited report by the Office of the Auditor-General of the Federation.
According to SERAP, the report, published on November 13, 2024, revealed substantial irregularities within the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources.
The audit reportedly flagged payments totaling over N25 billion for contracts lacking supporting documentation, raising concerns that funds might have been diverted.
Highlighting additional discrepancies, SERAP pointed out that the PTDF failed to account for over N326 million deposited in two banks and over N107 million meant for a library automation project at the Petroleum Training Institute.
These funds, according to the Auditor-General, were disbursed without necessary approvals, potentially indicating misappropriation.
In its plea to President Tinubu, SERAP emphasized the urgency of holding accountable anyone found culpable of financial misconduct, stressing the importance of using recovered funds to alleviate Nigeria’s budget deficit and mitigate its mounting debt crisis.
“The allegations reveal a serious breach of public trust and contraventions of Nigeria’s anti-corruption laws,” SERAP’s statement read.
“Addressing corruption within the oil sector is crucial not only for fiscal responsibility but also for promoting transparency and accountability in governance.”
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