Saraki accuses NNPC of opacity over petrol subsidy reintroduction

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The Senate President Abubakar Bukola Saraki declared yesterday in Abuja that deep-seated illegality and abuse of financial procedures still bedevil the Nigerian National Petroleum Corporation (NNPC) two years after a regime change, The Guardian reports.

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. “This unconstitutional and illegal practice must be addressed and we are not going to rest until it is fully addressed.” he added.