Fuel Subsidy: SERAP Sues NNPCL Over Nigeria's Oil Revenue Secrecy

Fuel Subsidy: SERAP Sues NNPCL Over Nigeria’s Oil Revenue Secrecy

4 months ago
1 min read

Socio-Economic Rights and Accountability Project (SERAP) has escalated its pursuit of transparency in Nigeria’s oil revenue by filing a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over the alleged failure to disclose crucial financial details since the removal of petrol subsidy in May 2023.

Speaking on behalf of SERAP, Deputy Director Kolawole Oluwadare said: “Nigeria’s oil production, exports, and revenue remain obscured, raising concerns over the equitable distribution and utilization of these resources. Transparency in these figures is not just a legal requirement but pivotal in ensuring public welfare and combating corruption.”

The lawsuit, bearing number FHC/ABJ/CS/1719/2023, was lodged at the Federal High Court in Abuja after the NNPCL reportedly neglected SERAP’s call for disclosures within the stipulated timeframe.

READ ALSO: SERAP Sues INEC Over Alleged Electoral Offences, Demands Prosecution, Financial Transparency

“Investigating these financial aspects is imperative,” noted SERAP’s lawyers, Kolawole Oluwadare and Andrew Nwankwo.

“The lack of transparency can exacerbate public distrust, hindering the utilization of oil revenues for the common good, as envisaged by Nigeria’s constitution.”

The action by SERAP stems from an earlier communication dated December 9, 2023, highlighting the critical public interest in revealing the daily oil production and revenue figures.

Former Central Bank Governor, Sanusi Lamido Sanusi, had echoed concerns over alleged shortcomings in revenue remittance despite the subsidy removal, prompting SERAP’s pursuit of clarity.

“Opacity in disclosing these financial aspects can detrimentally affect citizens’ fundamental interests,” emphasized SERAP.

“Ensuring transparency not only mitigates misallocation but also fortifies public trust in the utilization of oil revenues for the nation’s benefit.”

The lawsuit underscores the organization’s commitment to ensuring adherence to constitutional provisions and international obligations regarding transparency and accountability in managing public resources.

As the legal battle unfolds, SERAP remains steadfast in its mission to promote equitable resource utilization and combat corruption for the welfare of Nigerians.

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