- He maintained that gaps in the implementation of existing petroleum laws contributed to the accumulation of the debt
- He further claimed that dividends due to the Federation Account from Nigeria LNG operations were not fully remitted
- he questioned the outcome of billions of dollars spent on the rehabilitation of government-owned refineries
Senior Advocate of Nigeria, Femi Falana, has called on the Federal Government to take immediate steps to recover more than $120 billion and N66 billion he claims are owed to the Federation Account by key players in the oil and gas industry.
In a correspondence addressed to the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, Eko Hot Blog gathered that Falana, acting for the Alliance on Surviving COVID-19 and Beyond (ASCAB), gave the government 14 days to begin the recovery process or face legal action.
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The human rights lawyer argued that the outstanding funds stem from several sources, including unpaid royalties, unremitted revenues, alleged crude oil losses, tax obligations and expenditures on refinery rehabilitation projects.
According to him, a substantial portion of the money relates to royalties that should have accrued to the government from offshore oil operations over many years. He maintained that gaps in the implementation of existing petroleum laws contributed to the accumulation of the debt.
Falana also referenced allegations of crude oil theft and unaccounted exports, which he said deprived the country of billions of dollars in revenue. He further claimed that dividends due to the Federation Account from Nigeria LNG operations were not fully remitted.
The senior lawyer cited reports from regulatory and oversight institutions, including findings that suggest several oil and gas firms still owe significant amounts in outstanding payments to the government.
In addition, he questioned the outcome of billions of dollars spent on the rehabilitation of government-owned refineries, insisting that authorities should investigate the projects and recover public funds where necessary.
Falana stressed that reclaiming the alleged debts would strengthen public finances, provide additional resources for development projects and reduce pressure on government borrowing.
He warned that if no concrete action is taken within the specified period, ASCAB would seek judicial intervention to compel the recovery of the funds on behalf of Nigerians.
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