SERAP Urges Tinubu to Investigate $2.1bn and N3.1tn Subsidy Fraud
SERAP Calls on President Bola Tinubu to Investigate Missing $2.1bn and N3.1tn Subsidy Payments
In a statement issued on Sunday by its Deputy Director, Kolawole Oluwadare, the Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to initiate a thorough investigation into the alleged disappearance and lack of accountability surrounding the $2.1 billion and N3.1 trillion subsidy payments between 2016 and 2019. SERAP emphasizes the importance of uncovering the truth and ensuring transparency regarding these significant financial transactions.
SERAP Urges Tinubu to Establish Presidential Panel for Probe into Missing Subsidy Funds
SERAP has called on President Bola Tinubu to swiftly establish a presidential panel of inquiry to investigate the alarming allegations of missing and unaccounted funds. According to the Auditor-General of the Federation, an estimated $2.1 billion and N3.1 trillion in public funds designated for fuel subsidy payments between 2016 and 2019 have reportedly vanished.
The organization has urged the President to take decisive action by publicly identifying and holding accountable any individuals implicated in the alleged systemic corruption associated with oil revenues and the management of public funds allocated for fuel subsidies. Additionally, SERAP insists on the thorough prosecution of those responsible and the complete recovery of any proceeds obtained through illicit means.
Furthermore, SERAP has appealed to the President to conduct an extensive, independent, and transparent investigation into all fuel subsidies granted by previous administrations since the restoration of democracy in 1999. Any funds recovered from the investigation should be utilized as assistance to mitigate the impact of subsidy removal on underprivileged Nigerians.
Oluwadare, in a letter dated June 3, 2023, emphasized the significance of justice and accountability in addressing these grave allegations. He stressed that without accountability for these human rights violations, there can be no economic growth or sustainability.
SERAP has urged Tinubu to promptly and lawfully proceed with any policy regarding the removal of fuel subsidy. The organization emphasizes the importance of ensuring that individuals suspected of committing crimes against Nigerians are held accountable and that any missing public funds are fully recovered. SERAP calls for urgent action in following due process of law to achieve these objectives.
The organization further emphasized that removing fuel subsidy without addressing the unresolved accountability issues in the alleged mismanagement of oil revenues and subsidy payments would exacerbate the poverty faced by the underprivileged, while allowing influential officials and non-state actors to evade punishment for their wrongdoings.
SERAP warned that if the President fails to heed its demand for a probe within three days, it will resort to legal action to seek redress.
Leave A Comment