Atiku, SERAP urge Tinubu to probe NNPCL’s N11.2tr books, unremitted N94.4b

Crude oil production has increased by 80 per cent, hitting 1,824,000 barrels in the last three years, the Minister of State for Petroleum Resources, Heineken Lokpobiri, has said.

Consequently, the Socio-Economic Rights and Accountability Project (SERAP) urged President Bola Tinubu to direct an investigation into over N94.4 billion in public funds allegedly diverted, unremitted, unaccounted for or irregularly spent by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Apparently suspecting that the ‘missing’ funds were diverted to 2027 polls campaign activities, the presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, called on Tinubu to publish the contracts, payments and results and disclose who is funding his re-election activities.

The minister, during an interactive session with select media organisations from the Niger Delta at the Bayelsa State Government House, said: “When he took over the office, Nigeria’s crude oil production was less than one million barrels per day of crude and condensate.”

The revelation followed commendation by the Chief Executive Officer of Rehoboth Media, Susie Ogun, of President Tinubu for the progress and greater stability in Nigeria’s petroleum sector, citing reforms, increased production, investments, and renewed activity across the industry.

Meanwhile, Lokpobiri, during his interaction with the media executives, said, “before this government came, there was zero investment in Nigeria’s oil and gas sector for over 10 years; but today, 60 per cent of investments are coming to Africa in the oil and gas sector.

Speaking on the President’s effort to increase rig counts, he said: “When this government came, there were fewer than 10 active rigs. As of today, we have over 70 active rigs. That shows enormous activity and investment going on in the oil and gas sector.”

Reacting to concerns that proceeds from subsidy removal were not being judiciously used, Lokpobiri explained that most of the proceeds were shared among the three tiers of government. He emphasised the need for citizens to hold their state and local governments accountable.

He said: “Today, we are sharing over N2 trillion. That is why the 27 states that couldn’t pay salaries before this government came can now comfortably pay salaries and pensions and then execute capital projects. What people have failed to do is hold their state governments accountable.”

At the federal level, he added, the funds are targeted at new initiatives such as student loans, social investments, CNG, among other programmes.

SERAP said the allegations were contained in the 2024 (Volume 2) Annual Report of the Auditor-General of the Federation, published on August 7, 2026, covering various periods between January and December 2023 and ending on December 31, 2024.

In a letter, at the weekend, signed by its Deputy Director, Kolawole Oluwadare, the organisation urged Tinubu to direct relevant anti-corruption agencies to investigate the allegations and prosecute anyone found culpable where sufficient admissible evidence is established.

It also called for the recovery and remittance of all affected public funds to the treasury.

SERAP further urged the President to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023, and 2024, and to ensure that the documents are forwarded to the Public Accounts Committees of the National Assembly, as recommended by the Auditor-General.

According to the organisation, the Auditor-General reported that the MDGIF failed to remit N26.549 billion in revenue from the sale of petroleum products between January 1, 2022 and December 31, 2024, expressing concern that the money might have been diverted.

The audit report also reportedly found that the MDGIF failed to remit and report N12.48 billion in gas-flaring penalties for 2023.

The organisation said the Auditor-General raised concerns about the failure to collect and promptly remit to the MDGIF account the net revenue generated by NUPRC from gas flaring, as required by Section 52(8) of the Petroleum Industry Act, 2021.

It added that NUPRC reportedly failed to remit N38.610 billion in gas-flaring penalties collected and due to the MDGIF.

Similarly, Atiku demanded a full account of the N11.2 trillion that NNPCL recorded as owed to it by the federation for advances and costs, including the protection of Nigeria’s oil and gas assets.

The former VP expressed concerns about how bandits threaten schools, how travellers fear on the highways, as well as families who wait anxiously for loved ones to get home.

The Director, Strategic Communication, ADC Presidential Campaign Council, Phrank Shaibu, said Nigerians deserve to know how much of this enormous claim went to guarding pipelines, who received the money and what protection it bought.

“A mother should not have to pray her child survives the journey to school while her government cannot plainly explain the billions it spends on security. Tinubu must answer to the people living with these choices.

“NNPCL’s 2024 accounts recorded roughly N17.5 trillion across different claims on the federation, including petrol under-recovery and other receivables linked to advances and asset protection. Its 2025 accounts now show approximately N11.2 trillion in other receivables from the federation. Nigerians cannot tell from these totals what was spent on pipeline surveillance. What was paid? Who was paid? For what work? Where are the results?” Atiku asked.

Atiku said the need for answers extends beyond NNPCL’s accounts to the relationship between government contractors and Tinubu’s re-election effort.