The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to order an immediate investigation into the alleged diversion, non-remittance and irregular expenditure of over ₦94.4 billion in petroleum-sector funds.

The rights organisation made the demand in a letter dated October 3, 2026, signed by its Deputy Director, Kolawole Oluwadare, and addressed to the President.SERAP said the allegations were based on findings contained in the 2024 Volume 2 Annual Report of the Auditor-General for the Federation, published on August 7, 2026.

According to the organisation, the audit findings cover various periods between January 2023 and December 2024 and raise concerns about the management of petroleum-product revenues, natural gas sales proceeds and gas-flaring penalties by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

SERAP called on Tinubu to direct relevant anti-corruption agencies to investigate the allegations and prosecute anyone found culpable where sufficient admissible evidence is established.It also demanded the recovery and remittance to the Treasury of all public funds found to have been withheld, diverted, misapplied or left unaccounted for.

The group alleged that the MDGIF failed to remit ₦26.549 billion generated from petroleum-product sales between January 1, 2022, and December 31, 2024.The group further raised concerns over ₦3.518 billion allegedly paid by the MDGIF to a consultant for the recovery of gas-flaring penalties without presidential approval.

It said the Auditor-General reportedly found no evidence of due process or due diligence in the engagement and expressed concern that the money might have been diverted.

The audit report also reportedly identified ₦261.852 million spent on transaction advisers without evidence of work executed, as well as another ₦65.8 million paid to transaction advisers in August 2024 under circumstances that might have violated public procurement procedures.

SERAP said the findings collectively amounted to approximately ₦94.4 billion requiring urgent investigation and accountability.

The organisation urged Tinubu to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023 and 2024 and ensure that the documents are forwarded to the Public Accounts Committees of the National Assembly.

SERAP further warned that the non-remittance of gas-flaring penalties could reduce the funds available for environmental remediation and expose communities affected by environmental hazards to additional risks.

The organisation called on the Federal Government to implement the recommended measures within seven days of receiving or publishing the letter.

It warned that failure to receive a response within the stipulated period could prompt it to consider legal action and other lawful measures to compel the government, MDGIF, NUPRC and other relevant authorities to act.