Senate indicts NNPC illegal fuel subsidy, orders N216bn refund
Senate report has indicted the NNPC of illegal fuel subsidy and further ordered the refund of N216 billion spent as 'operational cost'.
Recommended articles
![National grid restored after fire incident at Afam power station [Dailytrust]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "National grid restored after fire incident at Afam power station [Dailytrust]")
This is even as the Senate declared the current petroleum subsidy payment as illegal.
The decision of the upper chamber was sequel to recommendations by its committee on public accounts which investigated the illegal subsidy payments by the NNPC.
The report was presented at plenary on Thursday, April 26, 2018.
ADVERTISEMENT
The Senate also asked the NNPC to stop further payments for subsidy until it is appropriate for in the 2018 budget.
The red chamber urged the NNPC to pay oil marketer monies owed them to stall any case of fuel scarcity.
NNPC spends N774 million daily on subsidy
The NNPC says it spends the sum of N777 million daily on fuel subsidy.
The NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, made the revelation in a statement issued on Sunday, March 4, 2018.
ADVERTISEMENT
Ughamadu described the huge amount as "under-recovery."
The statement said the fund was due to the rapid increase of filling stations in communities with international land and coastal borders across the country.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Air Peace offers London-to-Lagos driver Pelumi free ticket to fly back to UK
President Tinubu declares April 7 as National Police Day
El-Rufai tells Tinubu to drop appointees who fail to deliver
Fresh crisis in Kano as NNPP passes vote of no confidence on Gov Abba Yusuf
Kano APC nullifies Ganduje's suspension, vows to punish those behind it
'We regret it' - Enenche bows to pressure, apologises to lady accused of false testimony
FG says Nigeria will lead Africa in developing and regulating AI globally
Edwin Clark wants Tinubu to send brave soldiers to Sambisa to rescue Chibok girls
FG urged to review PIA as food shortage hits 25 million Nigerians
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
Alex Iwobi makes Premier League history which Mikel, Yakubu, Kanu could not achieve
Like Michael Jordan - Details of Victor Osimhen’s ‘superhuman’ jump against Monza emerges
ADVERTISEMENT
