The Nigerian Senate has directed the Nigerian National Petroleum Corporation (NNPC) to refund the sum of N216 billion ‘operational cost’ to the federal account.
This is even as the Senate declared the current petroleum subsidy payment as illegal.
The decision of the upper chamber was sequel to recommendations by its committee on public accounts which investigated the illegal subsidy payments by the NNPC.
The report was presented at plenary on Thursday, April 26, 2018.
The Senate also asked the NNPC to stop further payments for subsidy until it is appropriate for in the 2018 budget.
The red chamber urged the NNPC to pay oil marketer monies owed them to stall any case of fuel scarcity.
NNPC spends N774 million daily on subsidy
The NNPC says it spends the sum of N777 million daily on fuel subsidy.
The NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, made the revelation in a statement issued on Sunday, March 4, 2018.
Ughamadu described the huge amount as “under-recovery.”
The statement said the fund was due to the rapid increase of filling stations in communities with international land and coastal borders across the country.