By Erewunmi Peace

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed
Tinubu to urgently investigate allegations that over ₦128 billion in public funds may be missing or unaccounted for within the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc. (NBET).

The demand was made in a letter addressed to the President, in which SERAP cited findings from the Auditor-General of the Federation’s 2022 audited report, which reportedly raised concerns over several financial transactions in the power sector.

Auditor-General’s Report Raises Questions
According to SERAP, the audit report flagged various expenditures, payments, and transfers that lacked proper documentation or clear justification, suggesting possible mismanagement or diversion of public funds.

The organisation stated that the alleged missing funds could have been used to improve Nigeria’s electricity infrastructure, which continues to struggle with poor generation, transmission, and distribution despite heavy government spending over the years.

Call for Accountability

SERAP urged President Tinubu to direct the Attorney-General of the Federation and relevant anti-corruption agencies to:

Investigate the allegations thoroughly

Identify individuals or institutions responsible

Recover any missing public fund

Prosecute anyone found culpable

The group emphasised that holding officials accountable would strengthen public trust and demonstrate the government’s commitment to transparency and good governance.

NBET and Power Ministry Yet to Respond

As of the time of this report, neither the Federal Ministry of Power nor NBET has issued an official response to the allegations raised in the audit report and referenced by SERAP.

The call for investigation adds to ongoing national concerns about financial accountability in the power sector, which has received billions of naira in funding over the years with limited improvement in electricity supply.

Public Interest Concerns

SERAP noted that addressing corruption and financial leakages in the power sector is crucial to improving service delivery and reducing the economic burden on Nigerians, many of whom rely heavily on alternative and costly power sources.