Senate Asks NNPC to Stop Further Payment of Oil Subsidies

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Thursday, April 26, 2018 /04:09 PM / News 

The Nigerian senate has, today, asked the Nigerian National Petroleum Cooperation (NNPC) to stop further payment of oil subsidies without appropriations and asked the NNPC to make a formal request to the National Assembly for 2018 budget through the President. 

It also asked the cooperation to immediately refund the total sum of N216 billion said to have been used for subsidy payment to the consolidated revenue fund. 

The senate issued the orders on Wednesday after adopting the recommendations of its committee that investigated the subsidy payment done without the lawmakers’ approval. The lawmakers described the payment as illegal and lacking in transparency. 

They also ordered the cooperation to pay oil marketers the outstanding arrears of subsidy payment owed them prior to 2017. The senate further recommended that local refineries should be given maximum attention to enable them function in full capacity and the Director General should carry out an audit on the NNPC. 

It also directed the committee to recommend appropriate sanctions for officers and personnel who have carried out this illegal payment. 

Proshare Nigeria Pvt. Ltd.

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