Nigeria: SERAP Gives Tinubu 7 Days to Account for N94.4bn Petroleum Revenues, Gas Flaring Penalties

What the report says

Nigeria’s Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to order an investigation into more than N94.4 billion in petroleum revenues and gas-flaring penalties that it says were diverted, unremitted or otherwise not properly accounted for. The demand was made in an open letter dated October 3, 2026, according to Leadership’s report published through AllAfrica, and SERAP gave the president seven days to act.

The group said the issues were identified in the Auditor-General of the Federation’s 2024 annual report, which covers the period from January 2022 to December 2024. SERAP specifically wants the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to explain revenues due, collected, remitted and recovered, and to publish relevant records. It also urged that any funds found to have been improperly handled be recovered and that officials responsible face prosecution where evidence supports it.

Among the concerns cited, SERAP said the audit report pointed to alleged failures by the MDGIF and NUPRC to remit large sums linked to petroleum product sales, gas-flaring penalties and natural-gas sales. The organization also referenced spending on consultants and transaction advisers that it said lacked evidence of proper approval or due process. It argued that the alleged lapses matter because the money was meant to support environmental remediation and protect communities affected by gas flaring.

SERAP said it may pursue legal action if no steps are taken within the deadline. It also called for the publication of the MDGIF’s audited financial statements for 2022, 2023 and 2024 and submission of those accounts to parliamentary oversight committees.