Probe ‘missing’ N94.4bn oil revenue, SERAP urges Tinubu
SERAP has urged President Tinubu to investigate an alleged missing N94.4bn in oil revenue by the MDGIF and NUPRC, as detailed in the Auditor-General’s repo Read More: https://punchng.com/probe-missing-n94-4bn-oil-revenue-serap-urges-tinubu/
The Socio-Economic Rights and Accountability Project (SERAP) is urging President Bola Tinubu to initiate an investigation into over ₦94.4 billion in public funds that allegedly went missing or were misused by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In a letter dated October 3, 2026, SERAP demanded the recovery and remittance of these funds to the Treasury and the prosecution of anyone found guilty. The allegations are based on the Auditor-General of the Federation's 2024 Annual Report, which covered the period from January 2023 to December 2024. SERAP specifically highlighted that the MDGIF failed to remit N26.549 billion in revenue from petroleum product sales, and the NUPRC under-reported N12.480 billion in gas-flaring penalties for 2023.
The organization emphasized the importance of transparency and accountability in Nigeria's petroleum revenues and gas-flaring penalties, and warned of potential legal action if their requests are not addressed within seven days.
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