The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to launch an investigation into the alleged mismanagement of over N26 billion in public funds within the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources.
In a letter dated February 1, 2025, and signed by its Deputy Director, Kolawole Oluwadare, SERAP urged Tinubu to direct the Attorney General of the Federation, Lateef Fagbemi (SAN), and relevant anti-corruption agencies to promptly investigate the findings of the 2021 audited report by the Office of the Auditor-General of the Federation.
The report, released on November 13, 2024, alleges that the PTDF paid over N25 billion for contracts without supporting documents and failed to account for N326 million deposited in two banks. Additionally, the ministry reportedly spent over N137 million from capital votes on recurrent expenditures without National Assembly approval.
SERAP stressed that anyone found responsible should be prosecuted, and any misappropriated funds should be recovered and used to address Nigeria’s budget deficit and debt crisis. The organization also warned that it would consider legal action if the government fails to act within seven days.
Citing the Nigerian Constitution and international anti-corruption treaties, SERAP emphasized the need for transparency and accountability in the oil sector, stating that widespread corruption has deprived ordinary Nigerians of the benefits of the country’s oil wealth.
