The House of Representatives has established an ad hoc committee to investigate the petroleum product subsidy regime from 2017 to 2021, Charmingpro reports
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The committee was formed after Honourable Sergius Ogun revealed that component costs in the petroleum products subsidy value chain claimed by the Nigerian National Petroleum Corporation (NNPC) are significantly overstated, while the transfer pump price per litre used by the NNPC in relation to the Petroleum Pipeline Marketing Company (PPMC) is significantly understated.
He claimed that this is fraudulent, and that the subsidy regime has been used by the NNPC and other key stakeholders to distort the country’s crude oil revenue by more than $10 billion.
The committee is expected to report back to the House in eight weeks with recommendations for further legislative action.