SERAP sues NNPC over failure to account for Nigeria’s oil revenue

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The Socio-Economic Rights and Accountability Project has filed a lawsuit against the Nigerian National Petroleum Company Limited for failing to disclose details of Nigeria’s daily oil production, exportation, and revenues since the removal of fuel subsidy in May 2023, the organisation announced on Sunday.

In the suit filed at the Federal High Court in Abuja, SERAP is seeking an order to compel NNPC to disclose the number of barrels of oil Nigeria produces and exports daily, as well as the total revenues generated from oil production since the subsidy was removed.

Former Central Bank of Nigeria Governor Sanusi Lamido Sanusi recently alleged that “NNPC is failing to remit enough foreign exchange into the treasury despite the removal of fuel subsidy,” and asked, “Where is the money?”

SERAP argues that Nigerians “have a right to know” the details of the country’s oil production and revenues, stating that transparency would “ensure that the revenues generated from Nigeria’s daily oil production and exportation are not diverted into private pockets.”

According to SERAP Deputy Director Kolawole Oluwadare, “Nigeria’s daily oil production, exportation, and the revenues generated have been mostly shrouded in secrecy.

“The NNPC has a legal responsibility to disclose the details sought. Transparency would increase public confidence that the revenues would benefit Nigerians,” he said.

SERAP also alleged that the lack of transparency has contributed to the limited benefits Nigerians have derived from the country’s vast oil wealth.

“Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the culture of impunity of perpetrators,” the organisation stated.