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

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

 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 alleges 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.

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

 - NigerianEye
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