• Senate president vows to expose culprits in high places
• Corporation insists govt owing N170.6 billion subsidy
Deep-Seated illegality and abuse of financial procedures still bedevil the Nigerian National Petroleum Corporation (NNPC) two years after a regime change, Senate President Abubakar Bukola Saraki declared yesterday in Abuja. Saraki said the problem had continued in spite of efforts to sanitise the oil industry.

Saraki, who was represented by the Senate leader, Ahmed Lawal, at a public hearing on the re-introduction of subsidy being conducted by the Senate Committee on Petroleum Resources (Downstream), expressed displeasure at what he described as secret and opaque re-introduction of subsidy in the prices of Premium Motor Spirit (PMS) without any budget approval by the National Assembly.

The Senate President regretted that “government has not done what we need to do to nip this problem in the bud.”He said payments amounting to some N10 trillion were hijacked to favour few individuals. “Findings have brought to light the fact that our downstream oil and gas industry needs critical reforms”, he said.


Saraki further stated that it had been exposed that “in spite of the stoppage of the fuel subsidy regime, and non-appropriation of funds for the scheme due to the fraud and maladministration going on in the scheme, fuel subsidy payments continue to be maid illegally from our commonwealth to a few quietly in order to dodge scrutiny and avoid exposure.”

Insisting that the Senate would not rest until all perpetrators of the fraud particularly those in high public offices were exposed, the Senate president stated: “But this 8th Senate is here to expose all corruption in the system irrespective of how highly placed those involved are. This unconstitutional and illegal practice must be addressed and we are not going to rest until it is fully addressed.”

Saraki charged the committee to “get to the bottom of this issue and proffer long-lasting solutions to this racketeering in the fuel market that leaves the Nigerian people poorer every year.” Other questions the committee must seek answers to, according to the Senate president, are “the actual quantity of fuel the Nigerian market consumes; the underlining reasons why the market is struggling to operate without government intervention; and the process and all those involved in signing out unbudgeted funds outside the budget passed by the National Assembly.”

Meanwhile, the NNPC has claimed that the Nigerian Federation was indebted to the corporation to the tune of N170.6 billion outstanding subsidy payments due from January 2006 to December, 2015.

Leading a team of top management of the NNPC to the ongoing investigative hearing on N5 trillion subsidy payments from 2006 to 2016, the Group Managing Director of the Corporation, Dr. Maikanti Baru, said the figure was arrived at after the deduction of N4.950.80 trillion received as payments from theN5.121.40 trillion approved subsidy claims of the corporation from January 2006 to December 2015.

Providing details of the accruals, the Chief Financial Officer of the corporation, Mr. Isiaka AbdulRazaq, traced the advent of the subsidy regime to October, 2003 when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalisation of the regulated price of petroleum products.


He explained that under the subsidy regime, NNPC and other suppliers of refined petroleum products were entitled to file subsidy claims to the Petroleum Products Pricing Regulatory Agency (PPPRA).AbdulRazaq, however, noted that unlike other oil marketers, NNPC did not receive cash payment for subsidy claims as its subsidy claims were deducted out of cost payment to the federation account after due certification by PPPRA.

‘’In summary, NNPC submits that the amount of over N5.1 Trillion was duly approved by PPPRA as subsidy claims for NNPC. Out of this sum NNPC is still being owed N170.6 billion,’’ the NNPC CFO said.

The corporation called on the Senate Downstream Committee to assist in ensuring that the outstanding debt was settled to enable the NNPC to effectively achieve its obligation as the supplier of last resort to the downstream sector.




https://m.guardian.ng/news/nnpc-stinks-despite-regime-change-says-bukola-saraki/

Saraki if you can expose this

If it is not just a political statement

I will forever respect you

What "change"?

That was what it was, a "mantra" to deceive people into voting incompetent candidates into power.

Hold Buhari, the minister of petroleum, responsible.

Buhari is a symbol of division in this country. He should not only leave power, he should also be banned from public space because a mere sentence from him can provoke killings and reprisals.

porka:
Hold Buhari, the minister of petroleum, responsible.

Let saraki talk

He should do in the best interest of Nigerians

clefstone:
Buhari is a symbol of division in this country. He should not only leave power, he should also be banned from public space because a mere sentence from him can provoke killings and reprisals.

Young man we are not acting Nigeria movie here

sarrki:



Young man we are not acting Nigeria movie here

old man Buhari is worse than a poorly scripted Nigerian movie

Exposing them without prosecuting them is a waste of time.

What are you exposing sef, when the institution already exposed itself by paying subsisy through the back door, that is corruption.

As senate president, start your exposure or prosecution from the Minister of petroleum.

Well whenever the Minister of petroleum is in charge, money is never stolen but always missing.

And the herded zombie crew of this regime kept telling us that Buhari is the best thing to ever happened to Nigeria
Just imagine the fraudulent government introducing the alleged "subsidy fraud" via the back door then talking of fighting corruption

We all know d NNPC is a den of corrupt practices and shortchanging... It is even more laughable our Minister of Petroleum is d same person who prides himself as an anti-corruption champion but yet we are experiencing d worst scarcity in d history of scarcity and yet so many underground dealings and backdoor handling

I'm more interested in what Saraki family have done to Kwara State.

☣ ☠


∆ Talk is cheap. I can't believe Saraki still has the rotten gut to bark at the APC made crippled-system. ∆



☣ ☠

Some will still abuse Saraki