Reps probe subsidy payments under Buhari, allege $10bn revenue loss

Speaker of the House, Femi Gbajabiamila, is to set up an ‘Ad Hoc Committee to Investigate the Petroleum Products Subsidy regime from 2017 to 2021,’ which is to report back to the House within eight weeks for further legislative action.

Ogun noted that Section 88 and of the 1999 Constitution empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly. The lawmaker said as of 2002, the Nigerian National Petroleum Corporation’s purchase of crude oil at international market prices stood at 445,000 barrels per day in order to enable it to provide petroleum products for local consumption;“The House is concerned that as of 2002, the installed capacity of Nigeria’s local refineries stood at 445,000 barrels per day, however, their capacity utilisation began to nosedive and eventually fell completely to zero due to the ineffectiveness and alleged...

The lawmaker pointed out that the component costs in the petroleum products subsidy value chain claimed by the NNPC is “highly over-bloated,” while the transfer pump price per litre used by the NNPC in relation to PPMC is under quoted as N123-N128, instead of N162-N165, “and this fraudulent under-reporting of N37-N39 per litre translates into over N70bn a month or N840bn a year.”

Humm humm 10bn dollars lose how we're is ur EFCC and CBN governor or the money get leg to work out from federal government account pls call the Nigeria accountant General of the federation to explain this to Nigerians haa haa u people in the power God see u all

All we get in this country is negative news every now and then. Tụfịakwa!

God help us in this country!!

Every single day, we are bombarded with high level corruption cases. This administration is the worse in history. We must say no to bad government, we must say no APC and PDP. We must vote them out.

buhari is a king of corruption, how can a cancer brain man lead a nation to success? See what buhari has done to nigerians, failure upon failure. $10bn loss. My question is, de $10bn loss to were? See how buhari crash nigeria to zero, while ppl suffering to feed. Pity youths

Make he no blike say Dem no dey work.after a week,banzar...

And we don't See the Uses of the Subsidy.

Story

That will be enough to light up Nigeria. $10bn gone under the drain.

Subsidy is a scam recognised globally

Just imagine

All of a sudden

How can in the government of the super-competent & the super-incorruptible?😉😯

Ok na...we dey watch👀

Imagine what this lost amount of money can do for all Nigerians.I thought they promised to fight corruption.Nobody in government talks about fighting corruption anymore.

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