The Socio-Economic Rights and Accountability Project (SERAP), a prominent Nigerian human rights group, has called on President Bola Tinubu to investigate an alleged diversion of over N94.4 billion in oil revenue by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). According to SERAP, this diversion has not been accounted for or irregularly spent.
In a statement, SERAP urged Tinubu to direct both agencies to provide an immediate response on the whereabouts of these funds. The group referenced ₦12.480 billion in gas-flaring penalties for 2023 that, according to them, the MDGIF allegedly failed to remit.
SERAP’s call comes after a report by the Auditor-General, which highlighted significant issues with revenue management within the oil sector. The group is concerned that if this alleged diversion is not addressed, it could further erode public trust in government and exacerbate economic challenges.
This is not the first time such allegations have been made against these agencies. In the past, they have been accused of mismanagement and corruption, which has led to significant financial losses for the Nigerian people.
For now, neither the NUPRC nor the MDGIF has responded to SERAP’s call for investigation. It remains unclear when the President will address these allegations.
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