The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Nigerian National Petroleum Company Limited (NNPCL) to reverse what it describes as the “illegal and unconstitutional” hike in the price of petrol, also known as premium motor spirit (PMS). This was disclosed in a statement on Sunday by Kolawole Oluwadare, the Deputy Director of SERAP.
SERAP also requested that President Tinubu direct the Attorney General of the Federation, Lateef Fagbemi, and relevant anti-corruption agencies to investigate corruption and mismanagement allegations within the NNPCL. The group highlighted concerns about the use of the $300 million bailout funds reportedly received by the NNPCL from the Federal Government in August 2024, as well as the $6 billion debt owed to suppliers, despite claims that the company failed to remit oil revenues to the treasury.
According to SERAP, “Perpetrators of corruption and mismanagement within the NNPCL should face prosecution if enough evidence is found, and any proceeds of corruption should be fully recovered.”
The organization emphasized that the price increase violates constitutional guarantees and international human rights obligations, with Nigerians bearing the brunt of corruption in the oil sector for far too long.
The letter to the president reads, in part: “Rather than implementing policies to alleviate growing poverty and inequality, the government seems to be punishing the poor while failing to hold the NNPCL accountable for alleged corruption and mismanagement.”
SERAP further stated that the recent petrol price hike has left already impoverished citizens struggling to meet their basic needs. It criticized the government for not addressing persistent corruption in the oil sector, which it says is the root cause of the price increases.
“Corruption in the oil sector, coupled with a lack of transparency in the use of public funds to support the NNPCL, has led to a continuous and unjustified rise in fuel prices,” SERAP said. The organization added that holding the NNPCL accountable would serve the public interest and reduce the burden on less privileged Nigerians.
SERAP warned that if the government fails to act within 48 days of receiving the letter, it will take appropriate legal action to compel compliance.
“Increasing petrol prices when millions of Nigerians are facing worsening economic conditions contradicts your government’s constitutional and international obligations to ensure minimum living conditions. The arbitrary price hike disproportionately affects marginalized and vulnerable sectors of society, pushing them further into poverty,” the statement continued.
The organization pointed out that the price increase threatens the well-being of individuals and is exacerbating the country’s already deteriorating socioeconomic conditions.
SERAP also highlighted that the increase jeopardizes the right to life, as it prevents citizens from accessing the conditions necessary for a dignified existence. The organization concluded by urging the government to fulfill its legal obligations under the Nigerian Constitution to investigate corruption in the NNPCL and provide justice and effective remedies for victims.
The letter cited sections of the Nigerian Constitution that mandate the government to promote social justice and eradicate corruption. SERAP argued that investigating and prosecuting allegations of corruption in the oil sector is in line with Nigeria’s anti-corruption commitments under the Constitution and international agreements.
According to SERAP, the NNPCL recently increased petrol prices at its retail outlets, with prices reaching N855 per litre, compared to around N600 previously. In some areas, the price has even exceeded N900 per litre. The price hike reportedly stems from a scarcity caused by the refusal of suppliers to import petroleum products for the NNPCL due to a $6 billion debt owed by the company.
SERAP also noted that the NNPCL allegedly failed to remit $2.04 billion and N164 billion in oil revenues to the treasury, as outlined in the 2020 annual report.
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(Source: SaharaReporters)