July 30, 2021

Senate to probe NNPC over alleged N5.1trn subsidy fraud

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The Nigerian National Petroleum Corporation (NNPC) has informed the Senate Committee on Petroleum Resources (Downstream) that the Federal Government spent N4.950.80 trillion in subsidy payments. 

Group Managing Director of the NNPC, Dr. Maikanti Baru, said out of the N5.121.40 trillion approved subsidy, the Federal Government has spent N4.950.80 trillion, with N170.6 billion outstanding arrears for January 2006-December 2015.

He said the figure was arrived at after deduction of N4.950.80 trillion received as payments from the N5.121.40 trillion approved subsidy claims of the Corporation from January 2006 to December 2015.

This is coming at a time President of the Senate, Bukola Saraki, has declared that NNPC stinks, vowing that those behind fraud in the corporation will be exposed

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