Over $10 Billion Stolen By NNPC, Others In Fuel Subsidy Scam: Reps

_{*Ogun expressed worry that the consumption rate of petrol was 40 million to 45million litres per day}

The House of Representatives has alleged that more than $10 billion worth of the nation’s crude has been stolen via fraudulent fuel subsidy claims by the Nigerian National Petroleum Corporation (NNPC) and other industry stakeholders.

The parliament has therefore constituted an ad-hoc committee to investigate the petroleum products subsidy regime between 2017 and 2021 by the Nigerian National Petroleum Corporation (NNPC).

This followed the adoption of a motion by Sergius Ogun (PDP-Edo) on the floor of the House on Wednesday in Abuja.

In his motion, Mr Ogun said he was informed that as of 2002, the NNPC purchased crude oil at international market prices, which stood at 445,000 barrels per day.

He added that it was to enable it to provide petroleum products for local consumption, saying he was concerned that as of 2002, the installed capacity of Nigeria’s local refineries stood at 445,000 barrels per day.

However, he said that their capacity utilisation began to nosedive and eventually fell entirely to zero due to the ineffectiveness and alleged corruption of critical stakeholders in the value chain.

The lawmaker said that due to a decline in the production capacity of the refineries, NNPC found it more convenient to export domestic crude in exchange for petroleum products on a trade by barter basis.

According to him, the component cost in the petroleum products subsidy value chain claim by the NNPC is highly over-bloated.

Mr Ogun claimed that the transferred pump price per litre, used by the NNPC in relation to PPMC, was under-quoted as N123-N128 instead of N162-N165.

He said that the fraudulent under-reporting of N37-N39 per litre, translated into more than N70 billion a month, or N840 billion naira a year.

Mr Ogun expressed worry that the consumption rate of petrol was 40 million to 45million litres per day, adding that the NNPC used 65 million to 100 million litres per day.
According to him, the subsidy regime has been used by the NNPC and other critical stakeholders to subvert the nation’s crude oil revenue to more than $10 billion.

Mr Ogun said records showed that as of 2021, over $7 billion of 120 million barrels was diverted.

The lawmaker added that subsidy was charged against petroleum product sales in the books of NNPC and against crude oil revenue in the books of NAPIMS, to the tune of more than N2 trillion.

Peoples Gazette

Lalasticlala
Mynd44

See the country we find ourselves. It is a pity

Just imagine our country Nigeria........No sectors in Nigeria are reliable again.


We just need a reliable President like PETER OBI who can save Nigeria save Nigeria from all this mess.

Wahala

Nigeria, the crawling giant of Africa needs help.
I only hope we make the right choice of president come 2023.

Lovely, more of this please.

minks:
Nigeria, the crawling giant of Africa needs help.
I only hope we make the right choice of president come 2023.

That is the problem with you people in Nigeria, still living in colonial & Military mentality, you think it is only one person that will change the system?

The political platforms have no ideology, sorry for you people, which political party is running with the notion of removing petroleum subsidy if they were elected into power?

Which political is running on international electricity tariff rates & revisiting the electricity agreements of Jonathan Goodluck?

Who stole it?

Nigeria is sick and the leaders are benefiting from her sickness.

Too low i was expecting $100billion.

Each and any politicians that have stolen from our National treasury, and make life difficult for Nigerians, since independence, no matter the political party they are, they will never enjoy their stolen goods in good health and peace till the rest of their miserable lives.

For all the suffering people are going through in this nation, any looting and thieving politician, from past to present will not end well.

And this also goes to their supporters, nothing good will come their way in life.

.

In the last 7 years we have an incorruptible minister of petroleum whose name is mohammadu Buhari



Who that sits well

Sai baba

Guys
I'M SHOCKED
no wonder them dey kill us whenever we try to raise our voice
Oooo
Just short of words
How much r we owing?
And look at what pple r embezzling

Thunder fire all of una

buckeyemedia:
That is the problem with you people in Nigeria, still living in colonial & Military mentality, you think it is only one person that will change the system?

The political platforms have no ideology, sorry for you people, which political party is running with the notion of removing petroleum subsidy if they were elected into power?

Which political is running on international electricity tariff rates & revisiting the electricity agreements of Jonathan Goodluck?

Peter Obi is already changing the narrative in our political sphere.

The much needed change is here.

Peter Obi

I have been reading this kind of news, having no power to do anything but this time around my PVC is OUT and DUSTED.


Till death do US part I STAND TO VOTE PETER OBI.

They steal the ones we have, then go and borrow more even to steal same.

Are we going to continue like this?

See the integrity Tinubu sold to Nigerians and he wants Nigerians to reward him for stealing from Nigerians...

How much dem wan really enjoy from the money alone?

Useless greedy baboons.

What a failed state

Peter Obi is needed at a time like this. Nigeria is under existential threat that requires positive DISRUPTIVE change from someone like Obi who has shown precedence for his ability to save and properly manage public funds

The Nigeria of our dreams..

This is not a News.

I'm sure far more than that has been stolen

Kwotinu

Tinubu is a big time beneficiary of this fraud.
Anywhere fraud is mentioned in Nigeria in a ridiculous magnitude, Yekini Amoda Ogunlere would be there.
Nigerian reject!