Over $10 billion stolen in Fuel Subsidy Scam – Reps
POLITICS DIGEST- The House of Representatives has alleged that more than $10 billion worth of the nation’s crude has been stolen via fraudulent fuel subsidy claims by the Nigerian National Petroleum Corporation (NNPC) and other industry stakeholders.
The parliament has therefore constituted an ad-hoc committee to investigate the petroleum products subsidy regime between 2017 and 2021 by the Nigerian National Petroleum Corporation (NNPC).
This followed the adoption of a motion by Sergius Ogun (PDP-Edo) on the floor of the House on Wednesday in Abuja.
In his motion, Mr Ogun said he was informed that as of 2002, the NNPC purchased crude oil at international market prices, which stood at 445,000 barrels per day.
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He added that it was to enable it to provide petroleum products for local consumption, saying he was concerned that as of 2002, the installed capacity of Nigeria’s local refineries stood at 445,000 barrels per day.
However, he said that their capacity utilisation began to nosedive and eventually fell entirely to zero due to the ineffectiveness and alleged corruption of critical stakeholders in the value chain.
In his motion, Mr Ogun said he was informed that as of 2002, the NNPC purchased crude oil at international market prices, which stood at 445,000 barrels per day.
He added that it was to enable it to provide petroleum products for local consumption, saying he was concerned that as of 2002, the installed capacity of Nigeria’s local refineries stood at 445,000 barrels per day.
However, he said that their capacity utilisation began to nosedive and eventually fell entirely to zero due to the ineffectiveness and alleged corruption of critical stakeholders in the value chain.
