Socio-Economic Rights and Accountability Project (SERAP) has directed a request to Mr. Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, urging transparency in the disclosure of daily oil production and export figures, as well as the total revenue generated since the removal of the fuel subsidy in May 2023. The organization is also seeking information on the remittance of oil-generated revenues to the public treasury.
In a letter dated December 9, 2023, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization highlighted the public interest in obtaining crucial information about Nigeria’s oil production, exportation, and revenue management post the removal of the fuel subsidy. SERAP specifically called for details on the barrels of oil produced and exported daily, the total revenue generated, and the remittance of such revenues to the public treasury.
SERAP’s request comes in the wake of former Central Bank Governor Sanusi Lamido Sanusi’s recent allegations that NNPC has not adequately remitted foreign exchange into the treasury following the subsidy removal. Sanusi questioned the whereabouts of the funds, prompting SERAP to seek clarifications and transparency from NNPC.
SERAP emphasized the legitimate public interest in obtaining these details, considering the significant impact that the oil sector has on the country’s economy. The organization stressed the importance of accountability and transparency in ensuring that oil revenues benefit the public and contribute to national development.
The letter urged Mr. Mele Kolo Kyari to promptly disclose the requested information, including details of the alleged N11 trillion subsidy payment and clarification on the accusations that NNPC has failed to remit oil-generated revenues to the public treasury.
SERAP’s call for transparency in disclosing critical information regarding Nigeria’s oil production, exportation, and revenue management reflects the organization’s commitment to accountability and good governance. The response from NNPC will be closely monitored as stakeholders and the public await detailed and comprehensive information that contributes to a more transparent and accountable oil sector in Nigeria.
