Probe ‘Missing’ N94.4bn Oil Revenue, SERAP Urges Tinubu

The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to order an investigation into more than N94.4 billion in public funds reportedly diverted, unremitted, unaccounted for or irregularly spent by two petroleum-sector institutions.

SERAP made the demand following findings contained in the 2024 Annual Report of the Auditor-General of the Federation, published on August 7, 2026.

The organisation asked Tinubu to direct the appropriate anti-corruption agencies to investigate the reported financial irregularities involving the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission.

SERAP also called for the recovery and remittance of any affected public funds to the Treasury and prosecution of anyone found responsible, provided sufficient admissible evidence is established.

According to the organisation, the audit findings covered several issues involving petroleum revenues, gas-flaring penalties and expenditure by the agencies.

SERAP said the MDGIF allegedly failed to remit about N26.549 billion generated from the sale of petroleum products between January 2022 and December 2024.

It also cited an alleged N12.480 billion in gas-flaring penalties that was not remitted and reported by the MDGIF for 2023, while NUPRC was accused of failing to remit N38.610 billion in gas-flaring penalties collected and due to the fund.

The organisation further cited an alleged N12.940 billion in revenue from natural-gas sales in 2024 that was reportedly not collected and accounted for.

SERAP said the Auditor-General also raised questions over payments made to consultants and transaction advisers, including N3.518 billion reportedly paid to a consultant engaged to recover gas-flaring penalties.

It alleged that the engagement lacked evidence of presidential approval, due process or adequate due diligence.

The organisation further cited N261.852 million reportedly spent on transaction advisers without evidence that the work was executed, alongside another N65.8 million allegedly paid to transaction advisers without due process.

SERAP gave the President seven days to act on its demands, warning that it may consider legal action and other lawful measures if the requests are not addressed.

The call comes amid continuing scrutiny of financial management within Nigeria’s petroleum sector.

The MDGIF had previously disputed aspects of the Auditor-General’s findings, saying some discrepancies reflected timing and reconciliation issues in the movement of funds through the Federation Account rather than missing revenue.