Disclose details of N11 trillion payment as fuel subsidy, SERAP tells NNPCL

A call was on Sunday made by a Lagos-based rights group, Socio-Economic Rights and Accountability Project (SERAP), that the Group Chief Executive Officer (GCEO), Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, should make public, details of barrels of oil Nigeria produces and exports every day and the total amounts of revenues generated from oil since the removal of subsidy on petrol in May 2023.

Referring to its letter dated December 9, SERAP in a statement signed by its Deputy Director, Kolawole Oluwadare, urged Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.”

SERAP further tasked the NNPCL, “to disclose details of payment of N11 trillion as subsidy, and to clarify allegations that the NNPCL has failed to remit revenues generated from oil to the public treasury since the removal of subsidy on petrol.”

Sanusi Lamido Sanusi, the former governor of the Central Bank of Nigeria (CBN), had alleged that “the NNPCL is failing to remit enough foreign exchange into the treasury despite the removal of fuel subsidy,” asking: “Where is the money?”.

SERAP however, insisted that “there is a legitimate public interest in disclosing the information sought.

“Opacity in the amounts of barrels of oil the country produces and exports daily, the revenues generated and remitted to the public treasury, would have negative impacts on the fundamental interests of the citizens and the public interest.

“Transparency would ensure that the revenues are not diverted into private pockets, and increase public trust that the money would be used to benefit Nigerians.

“The public interest in publishing the information sought outweighs any considerations to withhold the information.

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.”

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