SERAP Urges Tinubu to Reverse “Unlawful” Petrol Price Increase and Investigate NNPCL; Give Tinubu 48 Hours
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to promptly direct the Nigerian National Petroleum Company Limited (NNPCL) to roll back its recent increase in the price of premium motor spirit (PMS), commonly known as petrol, which SERAP claims is both illegal and unconstitutional.Â
In addition, SERAP has asked Tinubu to instruct Attorney General of the Federation, Mr. Lateef Fagbemi, SAN, and relevant anti-corruption agencies to thoroughly investigate allegations of corruption and mismanagement within the NNPC. This includes scrutinizing the reported $300 million in ‘bailout funds’ received from the Federal Government in August 2024 and the $6 billion debt owed to suppliers, despite alleged failures to remit oil revenues to the national treasury.
SERAP emphasized that those implicated in corruption and mismanagement should face legal consequences if sufficient evidence is found, and all corrupt proceeds should be recovered.
In an open letter dated September 7, 2024, signed by SERAP Deputy Director Kolawole Oluwadare, the organization expressed concern that the recent petrol price hike violates constitutional guarantees and international human rights obligations. They argued that Nigerians have long been denied justice and transparency regarding the costs imposed by oil sector corruption.
The letter further criticized the government for not addressing poverty and inequality while holding the NNPC accountable for its alleged mismanagement. SERAP warned that the price increase exacerbates hardship for the impoverished and is a direct result of ongoing failures to tackle corruption and lack of transparency in the oil sector.
SERAP urged the government to act within 48 days of receiving or publishing the letter. If no response is received by then, SERAP indicated it would consider legal action to enforce compliance with their demands in the public interest.
The letter concluded by stressing the government’s responsibility to utilize national resources to uphold socio-economic rights and to probe and prosecute allegations of corruption. Investigating and addressing these issues aligns with the Nigerian Constitution and international anti-corruption commitments.
The recent price adjustment by the NNPC saw petrol prices rise to N855 per litre, up from about N600, with some areas experiencing prices over N900 per litre. This increase reportedly followed a shortage caused by suppliers’ reluctance to import products due to a $6 billion debt. The NNPC also allegedly failed to remit $2.04 billion and N164 billion in oil revenues, as highlighted in the Auditor-General’s 2020 report.
