The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Ahmed Tinubu a 48-hour ultimatum to reverse the recent hike in the pump price of premium motor spirit (PMS), commonly known as petrol......See Full Story>>.....See Full Story>>
In an open letter dated September 7, 2024, and signed by its deputy director, Kolawole Oluwadare, SERAP urged Tinubu to use his “leadership position and good offices” to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately roll back the price increase.
SERAP stated, “The increase in petrol price constitutes a fundamental breach of constitutional guarantees and the country’s international human rights obligations.”
The organisation further warned that failure to comply with the ultimatum would result in legal action.
SERAP also called on the president to “direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to probe the allegations of corruption and mismanagement in the NNPC.”
Specifically, SERAP urged an investigation into the reported $300 million bailout funds received by the NNPCL in August 2024 and the $6 billion debt it owes to suppliers, despite its alleged failure to remit oil revenues to the treasury.
The letter emphasized, “Suspected perpetrators of alleged corruption and mismanagement in the NNPC should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.”
SERAP expressed concern that the petrol price increase is exacerbating poverty and inequality in the country.
The letter continued, “Rather than pursuing public policies to address the growing poverty and inequality in the country, your government seems to be punishing the poor.”
It added that the price hike has “rendered already impoverished citizens incapable of satisfying their minimum needs for survival.”
The open letter also addressed the persistent corruption in Nigeria’s oil sector, stating that “the increase is not inevitable, as it stems from the persistent failure of successive governments to address allegations of corruption and mismanagement in the oil sector and the impunity of suspected perpetrators.”
Highlighting the broader impact of the price hike, SERAP said, “The increase is causing immense hardship to those less well-off. We are concerned that as the economic situation in Nigeria deteriorates, the increase in petrol price is pushing people further into poverty.”
SERAP concluded by reminding the president of his legal obligations under the Nigerian Constitution and international anti-corruption treaties. It stated, “Investigating and prosecuting allegations of corruption and mismanagement in the oil sector would be entirely consistent with the Nigerian Constitution, and the country’s international anti-corruption obligations.”
If no action is taken within 48 hours, SERAP warned it would consider legal avenues to compel the government to reverse the hike and address the issues surrounding corruption in the oil sector.