The Socio-Economic Rights and Accountability Project has asked President Bola Tinubu to urgently order a probe into more than ₦94.4bn in petroleum-sector funds allegedly unremitted, unaccounted for, diverted or irregularly spent by government agencies.
SERAP made the demand in a letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare, and addressed to the President.
The organisation said the allegations were contained in the 2024 Volume 2 Annual Report of the Auditor-General of the Federation, published on August 7, 2026.
According to SERAP, the audit findings covered transactions and financial activities between January 2023 and December 2024, raising concerns over the management of petroleum revenues and billions of naira accruing from gas-flaring penalties.
SERAP urged Tinubu to direct relevant anti-corruption agencies to investigate the findings and prosecute any person found culpable, provided sufficient admissible evidence is established.
It also demanded the immediate recovery and remittance into the Treasury of every naira found to have been diverted, improperly spent, misapplied or otherwise unaccounted for.
The organisation further called on the Midstream and Downstream Gas Infrastructure Fund and the Nigerian Upstream Petroleum Regulatory Commission to publish detailed schedules showing revenues due, collected, remitted and recovered.
It said such disclosures should include transaction dates, responsible institutions or officials and the accounts into which the funds were paid.
₦26.5bn petroleum revenue
SERAP said the Auditor-General found that the MDGIF allegedly failed to remit ₦26.549bn generated from the sale of petroleum products between January 1, 2022 and December 31, 2024.
According to the organisation, the Auditor-General expressed concern that the money “may have been diverted” and recommended its recovery and remittance to the Treasury.
SERAP also cited an alleged failure by the MDGIF to remit and account for ₦12.480bn in gas-flaring penalties for 2023.
It said the audit raised concerns about the failure of the NUPRC to collect and promptly remit net revenues generated from gas-flaring penalties into the MDGIF account, as required under Section 52(8) of the Petroleum Industry Act, 2021.
SERAP warned that failure to remit such funds could deprive the country of resources required for environmental remediation and potentially worsen environmental crises in affected communities.
NUPRC, MDGIF queried over ₦38.6bn
The organisation further alleged that ₦38.610bn in gas-flaring penalties collected by NUPRC and due to the MDGIF had not been remitted.
SERAP said the Auditor-General raised concerns about the possible consequences of withholding the funds, particularly their impact on environmental remediation.
The organisation also alleged that the MDGIF failed to collect and account for ₦12.940bn in revenue from natural-gas sales in 2024.
Again, SERAP said the Auditor-General expressed concern that the money might have been diverted and recommended its recovery and remittance to the Treasury.
₦3.5bn consultant payment questioned
