The revelation about missing funds in the Nigerian National Petroleum Company Limited (NNPCL) highlights the urgent need for citizens to demand accountability and transparency in managing Nigeria’s oil wealth.
Development Diaries reports that there were at least four big financial mistakes worth a total of N514 billion found by the Office of Auditor-General for the Federation in the NNPCL’s operations for the year ending 31 December, 2021.
According to a breakdown of the Auditor General’s report by the Socio-Economic Rights And Accountability Project (SERAP), over N825 billion and $2.5 billion, which should have been used for refinery rehabilitation and other oil revenues, are unaccounted for.
The disappearance of public funds directly affects the common man, who relies on government services for basic needs, hence, the lack of accountability in handling such massive sums is unacceptable.
For example, deductions were made from crude oil sales and royalties without proper justification or explanation.
If this money had been properly managed, it could have been channeled into speedy rehabilitation of the refinery, which will in turn reduce the burden on Nigerians who are currently struggling with high living costs from fuel subsidy removal.
Instead, these funds seem to have vanished, leaving the masses to bear the consequences of a struggling economy. The NNPCL and those responsible for managing Nigeria’s oil revenue must be held accountable.
SERAP’s call for investigations by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) is a step in the right direction.
But Nigerians must also demand regular audits and public reports to ensure transparency.
The government should take bold actions to recover these missing funds and use them for the benefit of the people.
For the ordinary Nigerian, the key takeaway is this: when money meant for public welfare is mismanaged or stolen, everyone suffers.
Development Diaries calls on the ICPC and EFCC to launch immediate and thorough investigations into the missing funds, ensuring that those responsible are held accountable and the money is recovered.
Also, the Group Chief Executive Officer (GCEO) of the NNPCL, Mele Kyari, must provide detailed explanations for these financial discrepancies, publish comprehensive reports on its expenditures, and make its processes more transparent to rebuild public trust.
Furthermore, citizens need to demand better from leaders and hold them accountable. Corruption and lack of transparency are robbing Nigerians of a better life. Citizens must continue to pressure these agencies and the government to act decisively.
