Senate Probe NNPC over Subsidy Payment Discrepancies

Hamilton Nwosa
Writer

Ad

An Unusual View Of Banditry, By Azu Ishiekwene

Zamfara State Governor, Dauda Lawal, is hardly in the news. Lawal has enough on his plate in a region struggling with banditry and insurgency, and in a state whose political heavyweights oppose him over political differences. He has learned to mind the state’s business, hardly ever throwing stones except when attacked by Abuja politicians who…

FBI Release Information About Suspects Linked to Murder of Charlie Kirk

FBI receives more than 130 tips Officials have received more than 130 tips, as of this morning. "I assure you that all leads and tips are being fully investigated," said Robert Bohls, special agent in charge of the FBI's Salt Lake City field office. He asked that anyone with video or images from the shooting…

Jubilation as Abuja court jails Ansaru leader Mahmud Usman 15 years for terrorism

By Obinna Uballa A Federal High Court in Abuja has sentenced Mahmud Usman, a top commander of the proscribed Ansaru sect, to 15 years in prison after he pleaded guilty to terrorism-related charges. Usman, widely known by his aliases Abu Bara’a, Abbas, and Mukhtar, admitted to engaging in illegal mining and funnelling the proceeds into…

Ad

The Senate on Wednesday mandated its committee on Petroleum (Downstream) to exhaustively review and investigate the Nigerian National Petroleum Corporation (NNPC) over its accounts relating to fuel subsidy and the abuse of product marketing and distribution between 2006 and 2016.

The developments follow a motion by Senator Dino Melaye representing Kogi West. Melaye noted with dismay that despite the crackdown on corruption by the present government led by President Muhamadu Buhari, there has been continuous violation by the NNPC as regards non-remittance of proceeds from the sale of refined products into the federation account. “This practice is similar to the problems that sparked the National outrage against last administration” Melaye said.

The Senator said records obtained from the PPMC show that 5 to 10 cargoes of imported crude arrives the country monthly, while about 5 cargoes are refined locally and each cargo contain 5.8 million liters of refined crude products.

He expresses concern that the excess products which cannot be dispensed goes into different tank farms owned by private individuals and they are not properly accounted for. “They are illegally sold off by the owners of these tank farms in a manner that is opaque and usually designed to rip off the public and enrich a few persons stupendously at the expense of the masses” he said.

The Senator said since this administration started clamping down on subsidy payment, NNPC has solely been responsible for retail with companies like BOVAS and RANO paying N20 to N25 per liter for the sales of these products which amounts to over N2 billion monthly. “These monies are not accounted for and that might be the reason why we now see petro-dollars buried in caskets and uncompleted buildings in remote villages in some parts of the country” Melaye added.

In his reaction, the Senate President Bukola Saraki said the motion concern the most important sector of the country economy. He urges the committee to do a thorough job and report back to the Senate as soonest.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp