SENATE STOPS NNPC FROM MAKING FURTHER “SUBSIDY” PAYMENT TO ITSELF

The Nigerian Senate today deliberated on the report of the committee that was mandated to Investigate the Accounts of NNPC over all SUBSIDY Monies spent without recourse to National Assembly.

Senator Mathew Uroghide whole presented the report came up with a lot of findings which includes:’

·         That NNPC is the sole importer of PMS

·         That the landing cost for PMS is N171 when official selling price is N145

·         That the difference of N26 is classified as operating Cost by NNPC in its books

·         That NNPC insist they do not want a refund for the difference

·         That a total of $5.4B equivalent of N1.6Trillion was the total cost of subsidy in 2017 at echange rate of N305

·         That N216B was paid as subsidy last year by NNPC to itself

The report generated a lot of debate from the chambers, with some people calling for total liquidation of NNPC to stop this orgy of secrecy without transparency for private sector to take over.

The Senate finally resolved that:

·         NNPC should stop forthwith in spending any kobo illegally on subsidy without parliamentary approval

·         NNPC should make formal request for subsidy appropriations in 2018 budget

·         Local refining should be encouraged

·         FG should pay marketers outstanding subsidy prior to 2017.

#JesusIsTheGreatest