Senate mandates NNPC probe over alleged N5.1tr subsidy fraud

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The Senate last week mandated its Committee on Petroleum (Downstream) to investigate the Nigerian National Petroleum Corporation (NNPC) over claims that it mismanaged N5.1 trillion subsidy funds between 2006 and 2015, The Guardian reports.

Adopting a motion sponsored by Dino Melaye (APC, Kogi West) and titled “Discrepancies in subsidy payment and non-remittance of funds by the NNPC to the Federation account”, the upper chamber of the National Assembly directed the panel to exhaustively audit the accounts of the national oil agency as it relates to fuel subsidy and abuse of product marketing and distribution during the period under review.

The Senate noted that the allegations of discrepancies in subsidy payment and non-remittance of funds to the Federation Account levelled against the corporation were unacceptable. In his lead debate, Melaye expressed displeasure that these funds were not accounted for. The Senate President, Bukola Saraki, charged the committee on diligence and enduring solution.

 

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