Wednesday, November 2, 2011

NNPC, PPPRA overshot subsidy by N1.079trn in 9 months

2 November 2011

 •Revenue commission reveals at probe panel •Says NNPC’s account shrouded in secrecy

IT was revelations galore, on Tuesday, at the House of Representatives joint committees on Finance, Petroleum Resources (Downstream and Upstream) and Gas Resources investigating the alleged non-remittance of about N450 billion by the Nigerian National Petroleum Corporation (NNPC) between 2005 and 2008 to the Federation Account.

The first salvo came from the chairman of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Elias Mbam, who disclosed that both the NNPC and the oil marketers under the Petroleum Products Pricing Regulatory Agency (PPPRA) had illegally deducted the sum of N1.079 trillion for fuel subsidy between January and September this year.

Mr Mbam said that while the NNPC deducted N615.670 billion from January to September as against N81.720 billion payable to it as contained in the 2011 Appropriation Act with a difference of over N5333.950 billion, the PPPRA deducted the sum of N647.660 billion as against the approved N102.753 billion in the 2011 appropriation within the same period with a difference of over N544.907 billion.

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