Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to use his “leadership position and good offices to direct the Nigerian National Petroleum Company Limited (NNPCL), to immediately reverse what it described as the “illegal and unconstitutional” increase in the pump price of premium motor spirit or petrol across its retail outlets
In a statement by SERAP’s Deputy Director, Kolawole Oluwadare on Sunday, it also urged Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and appropriate anti-corruption agencies, to probe the allegations of corruption and mismanagement in the NNPCL, including the spending of the reported $300 million ‘bailout funds’ collected from the Federal Government in August 2024, and the $6 billion debt it owes suppliers.
SERAP said, “Suspected perpetrators of alleged corruption and mismanagement in the NNPC should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.
“The increase in petrol price constitutes a fundamental breach of constitutional guarantees and the country’s international human rights obligations.
“Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the oil sector.In a statement by SERAP’s Deputy Director, Kolawole Oluwadare on Sunday, it also urged Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and appropriate anti-corruption agencies, to probe the allegations of corruption and mismanagement in the NNPCL, including the spending of the reported $300 million ‘bailout funds’ collected from the Federal Government in August 2024, and the $6 billion debt it owes suppliers.
SERAP said, “Suspected perpetrators of alleged corruption and mismanagement in the NNPC should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.
“The increase in petrol price constitutes a fundamental breach of constitutional guarantees and the country’s international human rights obligations.
“Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the oil sector.
“Rather than pursuing public policies to address the growing poverty and inequality in the country, and holding the NNPC to account for the alleged corruption and mismanagement in the oil sector, your government seems to be punishing the poor.
“The increase in petrol price has rendered already impoverished citizens incapable of satisfying their minimum needs for survival.
“The increase is not inevitable, as it stems from the persistent failure of successive governments to address allegations of corruption and mismanagement in the oil sector and the impunity of suspected perpetrators.
“Corruption in the oil sector and the lack of transparency and accountability in the use of public funds to support the operations of the NNPC have resulted in persistent and unlawful hike in petrol prices.
“According to our information, the Nigerian National Petroleum Company (NNPC) Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.
“The price of the product increased to N855 per litre, from about N600, and in some instances above N900 per litre. The apparently unlawful increase in petrol price followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.
“The NNPC reportedly failed to remit USD$2.04 billion and N164 billion of oil revenues into the public treasury, as documented in the recently published 2020 annual report by the Auditor-General of the Federation.”
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