REGISTRATION WILL GIVE YOU
✔ Access to our growing database of trusted suppliers, producers, buyers and sellers.
✔ Personal and professional advice from our experts.
✔ Access to investment opportunities within the Commodities value chains (by invitation only).
✔ Regular updates for the latest news and events in the commodity market. PHONE
A Senate panel has uncovered secret operation of subsidy regime by the Nigerian National Petroleum Corporation (NNPC), despite its cancellation by the present administration.
A ranking senator told our correspondent that the Senate Committee on Petroleum (Downstream) uncovered the development weeks ago and it has formerly written the corporation.
The discovery came a year after the Federal Government ended the subsidy regime, leading to increase in the pump price of petrol from N87 to N145 per litre.
The senator, who did not want to be named said preliminary investigation into the secret operation of subsidy regime, has shown that the NNPC was culpable.
“The cost of landing of fuel per litre and associated cost is more than N145. The NNPC is secretly operating subsidy regime at the backdoor. A good pointer to this is that no marketer is importing the product following the cost.
“We have written the corporation demanding some documents. When we receive the documents, we will be able to know more about the violation of the government directive. I don’t want to go into details because it would jeopardize our investigation, “he said.
Chairman of the Senate Committee on Petroleum (Downstream), Senator Kabiru Marafa (APC, Zamfara) confirmed the operation of subsidy regime by the NNPC.
Speaking during a debate on National Roads Fund (NRF) Bill at plenary yesterday, he said the current N145 pump price was not realistic.
Meanwhile, the report of the Senate Committee on Works, chaired by Senator Kabiru Gaya (APC, Kano) on the National Roads Fund (Est. Etc) Bill (SB.218) was yesterday stepped down.
It was stepped down after Senator Gaya presented his report and explained that the N5 levy proposal was not going to be deducted from the N145.
He said there was allowance for the deduction in the current pump price, insisting that the N5 won’t lead to increase in the pump price.
In his remark, Deputy Senate President Ike Ekweremadu, who presided over the plenary said the Senate has no intention to increase the pump price of fuel.