Fuel Subsidy Payments: Senate Orders NNPC to Refund N216Bn

Posted by African Examiner Business News, Featured, Government Buz, Latest Headlines Thursday, April 26th, 2018

ABUJA, NIGERIA (AFRICAN EXAMINER) – The Senate has described as illegal and called for refund of the current payments being made by the Nigerian National Petroleum Corporation NNPC for subsidy of Premium Motor Spirit PMS, otherwise called petrol.

Following this, the Senate Committee on Public Accounts recommended in its report on the investigation into the alleged illegal subsidy payments, that the NNPC should refund the sum of N216 billion it has spent so far for the same purpose.

The report which was adopted by the Senate at the Thursday plenary recommended that the sum which has been spent in 2017 under the guise of “operational costs” after refund, be returned into the Federal Government’s FG coffers.

Consequently, the Lawmakers ordered NNPC to stop further payment of the subsidy, but asked it to pay the arrears it owed fuel marketers.

While resolving to legalize the payment by including it in the 2018 budget, the Senate called for punishment of the officials involved in the illegal payments.