Massive ₦26 Billion Gone Missing! SERAP Demands Tinubu Investigate PTDF Funds

A major financial scandal has erupted, with the Socio-Economic Rights and Accountability Project (SERAP) demanding President Bola Tinubu launch an immediate investigation into the alleged disappearance of a staggering ₦26 billion from the Petroleum Technology Development Fund (PTDF). This comes after a damning audit report revealed several questionable expenditures and unaccounted funds.

Here’s a quick rundown of the key points:

  • SERAP is calling on President Tinubu to investigate the missing ₦26 billion from PTDF.
  • The allegations are based on the 2021 Auditor-General’s report.
  • Questionable expenditures include ₦25 billion for contracts without proper documents.
  • SERAP warns of legal action if the government doesn’t act within 7 days.

The Missing Billions: A Closer Look

The 2021 annual audit report by the Auditor-General of the Federation, released in November 2024, paints a grim picture of financial mismanagement within the PTDF and the Federal Ministry of Petroleum Resources. It details how billions of naira were either spent without proper documentation or remain completely unaccounted for.

Dubious Spending and Unexplained Transactions

The audit report exposes several alarming transactions:

  • ₦25 Billion: Paid for contracts without any supporting documents. This is a huge red flag, as it suggests there’s no way to verify if this money was used as intended.
  • ₦326 Million: Deposited in two banks but with no clear explanation of where the money went or how it was used.
  • ₦107 Million: Spent on a library automation system without proper authorization.
  • ₦232 Million: Paid to companies for “stakeholders’ engagement in the Niger Delta,” with no specific details about what that engagement actually entailed.

The Auditor-General believes these funds may have been diverted and is demanding they be recovered and sent back to the government’s treasury.

SERAP’s Ultimatum to Tinubu

SERAP, in a letter signed by Deputy Director Kolawole Oluwadare, has given President Tinubu a seven-day ultimatum to act on these findings. They’ve called on the Attorney General, Lateef Fagbemi (SAN), and anti-corruption agencies to investigate and prosecute those responsible. SERAP has stated that failure to act would result in legal action against the government.

Why This Matters

This is not just about missing money; it’s about accountability and the responsible use of public funds. SERAP is referencing Nigeria’s anti-corruption laws and international agreements, emphasizing that the government has a legal and moral obligation to protect public funds. They stressed that Nigeria’s wealth should be used solely for the benefit of all Nigerians.

The alleged disappearance of ₦26 billion is a serious issue that demands immediate action. The consequences for the Nigerian people could be significant if such financial irregularities are not addressed swiftly and transparently. This case will be a major test of Tinubu’s administration’s commitment to fighting corruption.

The ball is now in President Tinubu’s court. Will he take decisive action to recover the missing funds and hold those responsible to account? Only time will tell.

Note: The Petroleum Technology Development Fund (PTDF) is a government agency responsible for training Nigerians in the petroleum industry. It’s funded by the government to promote growth and expertise in this critical sector.

About The Author

Kayode Nwankwo

Kayode actively participates in workshops and seminars focusing on public health and environmental protection. He collaborates with NGOs and governmental agencies to promote initiatives that support sustainable practices and improve healthcare access in underserved areas.He mentors young journalists interested in science and health reporting, stressing the need for in-depth knowledge and a strong ethical approach.

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