The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Attorney General of the Federation and anti-corruption agencies to investigate the alleged disappearance of over N26 billion from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.
This demand follows revelations in the 2021 audited report published by the Office of the Auditor-General of the Federation on November 13, 2024.
SERAP insists that anyone found responsible should face prosecution and that the missing funds be recovered and used to address Nigeria’s budget deficit and debt crisis.
According to the report, the PTDF allegedly paid N25.6 billion for contracts without supporting documents.
Over N326 million in PTDF funds deposited in two banks remains unaccounted for.
The PTDF failed to justify spending N107 million on a library automation system at the Petroleum Training Institute, N46.9 million was paid to three companies for unverified services.The PTDF did not remit N60.3 million in stamp duty from contracts awarded in 2019 and 2020.
Additionally, the Federal Ministry of Petroleum Resources reportedly:Spent N137 million on unauthorized recurrent expenditures from its capital budget, Paid N232 million to seven companies for unspecified stakeholder engagement in the Niger Delta, failed to account for N74 million in unretired cash advances granted to officials, paid N43 million for the replacement of broken ceilings without proper documentation.
In a letter dated February 1, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the group emphasized that widespread corruption in Nigeria’s oil sector has deprived citizens of economic benefits, despite the country’s vast petroleum wealth.
SERAP has given the Tinubu administration seven days to act, warning that failure to do so may result in legal action.
The organization also urged the government to uphold Nigeria’s anti-corruption laws, the UN Convention against Corruption, and the African Union Convention on Preventing and Combating Corruption to ensure accountability and restitution.
