The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu ?to direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly probe allegations that over N26 billion of public funds are missing, diverted or stolen from the Petroleum Technology Development Fund (PTDF) and the Federal Ministry of Petroleum Resources in 2021.?

These damning revelations are documented in the 2021 audited report published on Wednesday 13 November 2024 by the Office of the Auditor-General of the Federation.

SERAP said: ?Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered and remitted to the treasury.?

SERAP urged him to ?use any recovered stolen funds to fund the deficit in the 2025 budget and to ease Nigeria?s crippling debt crisis.?

In the letter dated 1 February 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: ?There is a legitimate public interest in ensuring justice and accountability for these grave allegations. Tackling corruption in the oil sector would go a long way in addressing the budget deficit and debt problems.?

According to SERAP, ?The allegations suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country?s anticorruption legislation and international anticorruption obligations.?

The letter reads In part: ?Poor Nigerians have continued to pay the price for the widespread and grand corruption in the oil sector.

?Despite the country?s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.

?According to the 2021 annual audited report by the Auditor-General of the Federation, the Petroleum Technology Development Fund (PTDF) in 2021 reportedly paid over N25 billion [N25,607,890,403.11] for ?contracts without any supporting documents.?