Probe Missing $2.1Billion, N3.1Trillion Subsidy Payments, Unremitted Funds By Nigerian Petroleum Company, NNPC Or Face Legal Action, SERAP Tells President Tinubu

SERAP requested the President to “command up a presidential panel of enquiry to promptly probe the grim allegations that US$2.1 billion and N3.1 trillion public funds of oil revenues and budgeted as fuel subsidy funds are lacking and unaccounted for between 2016 and 2019, as documented by the Auditor-Total of the Federation.”

The Socio-Economic Rights and Accountability Venture (SERAP) has entreated President Bola Tinubu to probe allegations of oil revenue funds.

SERAP requested the President to “command up a presidential panel of enquiry to promptly probe the grim allegations that US$2.1 billion and N3.1 trillion public funds of oil revenues and budgeted as fuel subsidy funds are lacking and unaccounted for between 2016 and 2019, as documented by the Auditor-Total of the Federation.”

The organisation entreated him to “establish and disgrace somebody suspected to be accountable for the alleged standard and systemic corruption within the employ of oil revenues and the administration of public funds budgeted as fuel subsidy and to ensure their efficient prosecution apart from the stout restoration of any proceeds of crime.”

It also entreated him “to promptly, completely, independently, transparently and successfully probe all fuel subsidy paid by successive governments since the return of democracy in 1999, and to make employ of any recovered proceeds of crime as palliatives to contend with the impact of any subsidy elimination on sorrowful Nigerians.”

In the letter dated June 3, 2023 and signed by SERAP deputy director Kolawole Oluwadare, the organisation acknowledged: “There is a reliable public passion in guaranteeing justice and accountability for these serious allegations. There will be no economic development or sustainability with out accountability for these human rights crimes.

“Your authorities ought to quiet urgently act to train due strategy of law in any protection to eradicate fuel subsidy, be sure that suspected perpetrators of these crimes against Nigerians are introduced to justice and stout restoration of any lacking public funds.”

SERAP renowned that pushing aside fuel subsidy arbitrarily “with out addressing outstanding accountability components within the alleged mismanagement of oil revenues and fuel subsidy funds would quantity to punishing poverty and additional impoverishing the sorrowful while letting high-profile officers and non-command actors receive away with their crimes.”

The letter be taught in section: “Any elimination of fuel subsidy ought to quiet no longer be obsolete as a ploy to protect the sorrowful in poverty while other people that allegedly stole oil revenues and fuel subsidy funds protect their ill-gotten wealth.

“Allegations of corruption in oil revenues and fuel subsidy funds counsel that the sorrowful own infrequently ever benefited from the employ and administration of the revenues and funds.”

It additional acknowledged, “In accordance with the audited stories between 2016 and 2019 by the Auditor Total of the Federation (AGF), the Nigerian Nationwide Petroleum Company (NNPC) failed to remit N663,896,567,227.58 into the Federation Fable. The Auditor-Total fears that the money may per chance perchance additionally presumably be lacking.

“The NNPC also reportedly failed to story for the allocation of indecent oil to refineries in 2019. 107,239,436.00 barrels of indecent oil were lifted as domestic indecent with none epic. The Auditor-Total fears that the indecent valued at N55,891,009,960.63 may per chance perchance additionally were diverted.

“The NNPC in 2019 also failed to remit N1,955,354,671,268.66 and N55,157,702,848.74 of generated revenues into the Federation Fable, opposite to Share 162(1) of the Nigerian Constitution 1999 [as amended]. The Auditor-Total fears that the money may per chance perchance additionally were diverted.

“The NNPC also failed to story for N4,572,844,962.25 of ‘domestic fuel receipts’, thereby ‘lowering the distributable revenue within the Federation story.’ The Auditor-Total desires the money remitted.

“The NNPC also in 2019 failed to story for 22,929.84 litres of PMS pumped from refineries and valued at N7,056,137,180.00. The Auditor-Total fears that the PMS may per chance perchance additionally were diverted.

“The NNPC also ‘illegally categorised’ 239,800 barrels of indecent oil valued at N5,498,045,220 as ‘indecent oil losses.’ The Auditor-Total fears that the indecent oil may per chance perchance additionally were diverted.

“The Division of Petroleum Resources (DPR) in 2019 also reportedly failed to remit US$1,278,364,595.49 in revenue to the Federation Fable. The money was once deducted by the NNPC from the Oil and Gas Royalty assessed by the DPR.

“The DPR in 2019 also deducted N19,840,081.29 as ‘trace duty’ funds from contractors and consultants but the DPR straight away paid relief the money to the contractors and consultants as yet another of remitting it to the treasury.

“The DPR in 2019 also paid N137,225,973.35 to contractors and consultants for plenty of contracts and consultancies but failed to deduct trace duty. The Auditor-Total desires the money recovered.

“The DPR also paid N11,856,088,271.92 as salaries for 2019 but failed to deduct N118,560,882.72 as contribution of 1% Industrial Coaching Fund (ITF). The DPR in 2019 also failed to switch US$35,738,342.95 365 days balance. The Auditor-Total desires the money recovered and remitted.

“The DPR in 2018 also withdrew with none clarification US$759,387,755.10 from DPR Signature Bonus Fable as a substitute of paid the money into the Federation Fable.

“Subsidy info present that N443,940,559,974.80 was once paid as total subsidy for 2016 but the money was once no longer budgeted for.  The funds were for outstanding Petroleum Toughen Fund (PSF) commitments for 365 days 2015.

“Nonetheless, there was once no payment in 2016. Easiest outstanding funds for previous years 2014 and 2015 and passion funds were made in 2016.”

“The Auditor-Total fears that the oil entrepreneurs that got the subsidy funds may per chance perchance additionally no longer were ‘eligible to plot from the Petroleum Toughen Fund because the Petroleum Merchandise Pricing and Regulatory Authority (PPPRA) failed to rupture any epic on the funds.’

“N39,141,210,181.74 was once also paid from the Federation Fable in 2016 to assorted Oil Entrepreneurs in 26 transactions, being Payments of Curiosity and International Alternate Differential on Subsidy but with none epic.

“The NNPC also made ‘zero revenue’ and recorded ‘losses from its joint ventures in 2016. Here is opposite to expectations that earnings wants to be fabricated from the joint ventures.'”