The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the recent hike in the pump price of premium motor spirit (PMS), commonly known as petrol. SERAP described the increase as “illegal and unconstitutional.”
In a statement released on Sunday by its Deputy Director, Kolawole Oluwadare, SERAP also urged the president to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, along with relevant anti-corruption agencies, to investigate allegations of corruption and mismanagement within the NNPC. This includes probing the reported $300 million bailout funds received from the Federal Government in August 2024 and the $6 billion debt owed to suppliers, despite the NNPC’s alleged failure to remit oil revenues to the national treasury.
“Suspected perpetrators of corruption and mismanagement within the NNPC should be prosecuted where there is sufficient admissible evidence, and any proceeds from corruption should be fully recovered,” SERAP stated.
The organization further claimed that the hike in petrol prices violates constitutional rights and Nigeria’s international human rights obligations. “Nigerians have for too long been denied justice and an explanation for why they continue to bear the burden of corruption in the oil sector,” SERAP said.
In an open letter, SERAP criticized the government’s approach: “Rather than pursuing public policies to address the growing poverty and inequality in the country, and holding the NNPC accountable for alleged corruption and mismanagement in the oil sector, your government seems to be punishing the poor.”
The letter continued, “The increase in petrol prices has left impoverished citizens unable to meet their basic survival needs. This is not an inevitable consequence but rather the result of successive governments failing to address corruption and mismanagement in the oil sector.”
SERAP stressed that corruption and the lack of transparency in the use of public funds to support NNPC operations have led to the persistent and unlawful increase in petrol prices. “Holding the NNPC accountable would serve the public interest,” it added.
The organization also expressed concern that the petrol price hike is exacerbating the hardship faced by ordinary Nigerians, further pushing people into poverty as the country’s economic situation worsens.
