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House of Rep’s committee reveals N229 billion fuel subsidy scam

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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.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”.

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 subsidyby the federal government. The three-week long public hearing ended on February 9.

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.

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