President Bola Ahmed Tinubu has been given a 48-hour deadline to reverse the recent increase in the pump price of premium motor spirit (PMS), commonly known as petrol. The Socio-Economic Rights and Accountability Project (SERAP) has urged the President to use his leadership to direct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the hike, which it deems illegal and unconstitutional.
In addition, SERAP is calling for the Attorney General of the Federation, Lateef Fagbemi, SAN, alongside anti-corruption agencies, to investigate allegations of corruption and mismanagement within the NNPCL. These allegations include the misuse of $300 million in bailout funds from the Federal Government in August 2024 and the company’s failure to pay $6 billion owed to suppliers, despite not remitting oil revenues to the national treasury.
SERAP has emphasized that individuals implicated in corrupt practices within the NNPCL should face prosecution, with any proceeds of corruption being recovered.
In a letter signed by Deputy Director Kolawole Oluwadare and dated September 7, 2024, SERAP stated that the petrol price increase violates constitutional and international human rights obligations. The organization argued that successive governments have failed to address corruption in the oil sector, leading to increased hardship for Nigerians.
The price hike, which has seen petrol rise to N855 per liter and in some cases over N900, followed shortages reportedly caused by the NNPCL’s debt to suppliers. SERAP contends that the increase disproportionately affects poor and vulnerable Nigerians, worsening poverty and inequality.
If the government fails to act within 48 hours, SERAP has threatened to take legal action to compel compliance with its demands, citing the need for transparency and accountability in the use of public resources.
