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Africa Last Updated: Mar 6, 2017 - 11:10:20 AM


Senate To Probe NNPC Over N5trillion Oil Subsidy
By Pointblank March 6, 2017
Mar 6, 2017 - 11:09:16 AM

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The Senate says it has concluded arrangements to probe the Nigerian National Petroleum Corporation and Independent Marketers over alleged irregularities in the subsidy fund.

The Chairman, Senate Committee on Petroleum Downstream, Sen. Kabiru Marafa, said this on Sunday while briefing journalists in Abuja.

According to Marafa, the NNPC has failed to justify to satisfaction the near N5.2tn spent on subsidy importation of petroleum products from 2006 to 2016.

“This sum is in addition to the 445,000 barrels of crude oil for domestic consumption. This is more than the annual budget of Nigeria,” he said.

“We note allegations already brought to our attention concerning the importation of Automotive Gas Oil under various import contracts wherein hundreds of millions of litres of AGO have been imported and allocated to choice marketers at discounted values,” he said.

Marafa added that the committee had also established the disappearance of 100 million litres of Premium Motor Spirit worth N14 billion kept in the custody of two companies.

He said the committee would invite NNPC’s past and present executives, Heads of Operations and Planning and Desk Management Officers responsible for purchasing of products sold to Nigeria.

“It is pertinent to stress that where invitees failed to cooperate with us, then adequate sanctions shall be carried out ranging from publishing of names of industry news providers.

“Where relevant reward and incentives will be available to support the courage of members of the public who come forward,” he said.

Marafa said that the committee would also implement its own Whistle Blower platform to enable it get information on corrupt practices.

He said that the committee would conduct a three-day public hearing on the matter.


Source:Ocnus.net 2017

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