SERAP Tells NNPC to Disclose Oil Output, Exports, Revenue Since Subsidy Removal

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By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023.

In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele 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.”

He was also requested “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.”

Recall that last week, the former Governor of the Central Bank of Nigeria (CBN), Mr Sanusi Lamido Sanusi, 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?”.

In the letter signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation said, “There is a legitimate public interest in disclosing the information sought.”

SERAP said: “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.”

It pointed out that, “The public interest in publishing the information sought outweighs any considerations to withhold the information,” stressing that, “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,” SERAP threatened, noting that, “The NNPCL has a legal responsibility to promote transparency and accountability in barrels of oil the country produces and exports every day, and to ensure that the revenues generated from such production and exportation are dully remitted to the public treasury.”

“The NNPCL also has a legal responsibility to disclose details of payment of N11 trillion subsidy,” it added.

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