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Reps Receive Report On $74.386bn Spent On Fuel Subsidy

Written by Pyramid FM Kano

By: Ibrahim Shehu

The House of Representatives Committee on Public Accounts has received a report on the $74.386 billion spent on fuel subsidies by successive administrations since 201.

The Executive Secretary/CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji, handed over the report to the Chairman, House Committee on Public Accounts, Mr Bamidele Salam, during an interactive session in Abuja.

According to him, the agency has compiled the actual amount paid as a subsidy on a yearly basis.

Mr Orji also disclosed that the sum of N16.25 trillion was lost to unabated crude oil theft, based on data collated and signed off by the operators and other stakeholders.

According to him, the agency also uncovered over $8.3 billion in unremitted revenue by some privately owned oil companies and federal government-owned agencies that were not paid into the Federation Account, in deviance from the provisions in the existing financial regulations.

He, however, stated that the agency is working with various enforcement institutions, including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practises and Related Offences Commission (ICPC), and the Nigeria Financial Intelligence Unit (NFIU), in a bid to recover the funds in the government’s coffers.

“I have here, for instance, revenues we have earned from oil and gas since 1999. We also have here all the subsidy payments made. Since 2005, when it became a scandal, we have begun to collect the data. We began to ask questions about subsidies, and as of 2021, the country had paid $74.386 billion in subsidies.

“And we have a breakdown of what was paid each year. We have also got a conversion of what that can possibly translate to”.

While rolling out the last report NEITI released on the 25th of September, 2023, he announced that the Publi Account Committee is now a natural ally of his agency and he will give it all the maximum cooperation needed.

 

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