SERAP Gives Tinubu 7 Days To Account For N94.4bn Petroleum Revenues, Gas Flaring Penalties

The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu seven days to order an investigation and account for more than N94.4 billion in petroleum revenues and gas-flaring penalties allegedly diverted, left unremitted or unaccounted for, or spent irregularly.

SERAP also called for the recovery and remittance of any funds found to have been improperly withheld, diverted or misapplied, and for those responsible to be prosecuted where sufficient admissible evidence exists.

The organisation made the demands in an open letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare.

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It claimed that the allegations appear in the Auditor-General of the Federation’s 2024 Annual Report (Volume 2), published on August 7, 2026. The audit findings cover January 2022 to December 2024.

SERAP is specifically asking President Tinubu to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to account for the funds and publish details of revenues due, collected, remitted and recovered.

The civil society organisation alleged that the Auditor-General reported that the MDGIF failed to remit N26,549,415,244.48 from petroleum product sales between January 1, 2022 and December 31, 2024.

It also claimed that the MDGIF allegedly failed to remit and report N12.480 billion in gas-flaring penalties for 2023.

The Auditor-General reportedly raised concerns that NUPRC failed to collect and promptly remit net revenue from gas flaring to the MDGIF Account, as required by Section 52(8) of the Petroleum Industry Act 2021.

NUPRC was also accused of failing to remit N38,610,104,671.31 in gas-flaring penalties collected and due to the MDGIF.

SERAP maintained that the Auditor-General warned that failure to remit the penalties could leave environmental remediation underfunded and contribute to civil crises stemming from unaddressed environmental hazards.

The MDGIF allegedly paid N3.518 billion to a consultant to recover gas-flaring penalties without presidential approval. The Auditor-General reportedly found no evidence of due process or due diligence in the engagement and expressed concern that the funds may have been diverted.

The fund also allegedly failed to collect and account for N12,940,311,072.81 from natural-gas sales in 2024. The Auditor-General reportedly expressed concern that the money may have been diverted and recommended recovering it and remitting it to the Treasury.

SERAP also cited N261,851,719.18 allegedly spent by the MDGIF on transaction advisers, with no evidence that the assignment was carried out.

A further N65.8 million was allegedly spent on transaction advisers in August 2024 without due process. The Auditor-General reportedly said the expenditure may have breached public procurement procedures and recommended that the MDGIF Executive Director account for it.

SERAP said the findings raised concerns about how the MDGIF managed petroleum revenues and gas-flaring penalties, especially funds meant for environmental remediation and protecting affected communities.

It called on the MDGIF to publish its audited financial statements for 2022, 2023 and 2024 and submit them to the National Assembly’s Public Accounts Committees, as recommended by the Auditor-General.

SERAP also asked the MDGIF and NUPRC to publish a schedule detailing amounts due, collected, remitted and recovered; transaction dates; the responsible institutions or officials; and the accounts into which the funds were paid.

The organisation further stated that every naira identified in the Auditor-General’s report must be properly accounted for and that anyone found responsible should be sanctioned and prosecuted where sufficient admissible evidence is established.

It said the President’s role as Minister of Petroleum Resources made effective oversight of the institutions particularly important.

SERAP warned that if no action is taken within seven days, it would consider “appropriate legal actions and other lawful measures” to compel the government, MDGIF, NUPRC and other relevant authorities to meet its demands.

The organisation also cited constitutional provisions and Nigeria’s obligations under the United Nations Convention against Corruption and the African Union Convention on Preventing and Combating Corruption, which require transparency and accountability in managing public resources.