The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an urgent investigation into allegations that more than N128 billion in public funds is missing or may have been diverted from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET).
The call, contained in a letter dated January 3, 2026 and signed by SERAP Deputy Director, Kolawole Oluwadare, followed revelations in the latest report of the Auditor-General of the Federation published on September 9, 2025.
SERAP urged the president to direct the Attorney-General of the Federation and relevant anti-corruption agencies to identify anyone found responsible, prosecute them where evidence exists, and ensure that all diverted funds are fully recovered and returned to the national treasury.
The group also advised that any recovered funds should be channelled toward reducing the deficit in the 2026 budget and easing Nigeria’s rising debt burden.
According to the Auditor-General’s findings highlighted by SERAP, the Ministry of Power allegedly failed to account for billions of naira transferred for major power projects, paid contractors without proof of work done, and authorised foreign trips without proper approvals.
NBET was also accused of irregular contract awards, unapproved transfers running into billions, extra-budgetary spending, and payments made without documentation.
SERAP warned that the allegations represent a serious breach of public trust and Nigeria’s anti-corruption laws, stressing that persistent corruption in the power sector continues to deny Nigerians reliable electricity and contributes to frequent system failures.
The organisation reminded the government of its constitutional duty to curb corruption and protect public resources, and warned that it would consider legal action if the presidency fails to act within seven days.
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