Subsidy: House committee uncovers N229bn fraud •Invites EFCC to recover money
Written by Okey Muogbo, Abuja
Tuesday, 17 April 2012
Share
THE House of Representatives committee which probed the subsidy on petroleum products by the Federal Government has uncovered N229,706,023,200.00 fraud in the payment of the subsidy between 2010 and 2012.

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

Sixty-eight companies, according to the committee’s 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.”