Nairaland Forum

Findings from the just concluded probe on petroleum product subsidy conducted by a committee set up by House of Representative reveals the government overpaid some markers to the tune of N229,706,023,200.00 between 2010 and 2011.


The Chairman of the Subsidy probe committee, Faruk Lawan asked the Economic and Financial Crimes Commission (EFCC) to go after the companies that took more money as subsidy than was due them.

The Subsidy probe committee, headed by Faruk Lawan in its recommendation asked the Economic and Financial Crimes Commission (EFCC) to go after the companies that took more money as subsidy than was due them.

Forty-nine companies, according to the report, were found guilty of subsidy abuse while the “office of the Accountant-General of the Federation should account for the sum of N213.678 billion, being total of excess payments made by it over and above what PPPRA identified as paid in 2009 and 2010”.

The House of Representatives Ad-hoc Committee on the Management of the Petrol Subsidy Fund commenced a public hearing on the subsidy scheme this January.

This was in response to a nationwide strike called by the Nigeria Labour Congress and Trade Union Congress to protest the removal of petrol subsidy by the federal government. The three-week long public hearing ended on February 9.

About 140 oil firms that participated in the Petroleum Support Fund appeared before the committee during the hearings to explain their roles in the scheme.

Government officials such as the Ministers of Petroleum Resources, Finance, as well as executives of the Petroleum Product Pricing Regulatory Authority (PPPRA) and the Nigeria National Petroleum Corporation (NNPC) also appeared before the committee.

The committee also extended invitations to the Accountant-General of the Federation and Nigeria Customs Service, among others.
In addition to the House of Representatives’ committee, the Senate also embarked on a similar probe with its committee headed by Magnus Abe.


http://www.channelstv.com/home/2012/04/17/house-of-reps-committee-uncovers-n229-billion-fuel-subsidy-scam/