Tinubu is given 48 hours by SERAP to reverse the “illegal petrol price hike, probe NNPCL.”

SERAP added, “Suspected perpetrators of alleged corruption and mismanagement in the NNPC should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.”

Using his “leadership position and good offices to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the apparently illegal and unconstitutional increase in the pump price of premium motor spirit (PMS), also known as petrol, across its retail outlets,” President Bola Tinubu has been urged by the Socio-Economic Rights and Accountability Project (SERAP).

To investigate the claims of corruption and mismanagement in the NNPC, including the spending of the reported $300 million ‘bailout funds’ collected from the Federal Government in August 2024, and the $6 billion debt it owes suppliers, despite allegedly failing to remit oil revenues to the treasury, SERAP urged him to “direct the Attorney General of the Federation and Minister of Justice Mr. Lateef Fagbemi, SAN, and appropriate anti-corruption agencies.”

The organisation declared in an open letter dated September 7, 2024, and signed by SERAP deputy director Kolawole Oluwadare: “The country’s international human rights obligations and the constitution are fundamentally violated by the increase in petrol prices.”

“Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the oil sector.”

“Your government seems to be punishing the poor,” the letter continues, “instead of pursuing public policies to address the growing poverty and inequality in the country and holding the NNPC accountable for the alleged corruption and mismanagement in the oil sector.”

“The rising cost of petrol has made it impossible for those who are already poor to meet their basic demands for survival.

“The rise is not inevitable because it is the result of the ongoing inaction of governments in response to accusations of wrongdoing in the oil industry, including corruption and mismanagement, as well as the impunity of those who may have committed these crimes.

“Price increases for petrol have been ongoing and illegal due to corruption in the oil industry and a lack of accountability and transparency in the use of public monies to support NNPC operations.

“It would be in the legitimate interests of the public to hold the NNPC accountable for suspected corruption and mismanagement in the oil sector.

“Those who are less wealthy are suffering greatly as a result of the increase. We worry that the rising cost of petrol is forcing more people into poverty as Nigeria’s economy continues to worsen.

“We would like it if the suggested actions were carried out within 48 hours of this letter being received and/or published. In the interest of the public, SERAP will take proper legal action to force your government to comply with our request if we haven’t heard from you by then.”

As per SERAP’s report, the government is legally obligated to utilise all of the nation’s resources to safeguard the socio-economic rights of the populace and to shield the most susceptible and underprivileged Nigerians.

According to SERAP, the product’s price went up from roughly N600 to N855 per litre, and in certain cases, above N900 per litre. The alleged illegal hike in petrol prices came after a shortage brought on by suppliers reportedly refusing to import fuel for the NNPCL due to a $6 billion debt.

“The NNPC reportedly failed to remit USD$2.04 billion and N164 billion of oil revenues into the public treasury, as documented in the recently published 2020 annual report by the Auditor-General of the Federation.”