Saturday, January 21, 2012

Fuel subsidy: NNPC admits paying self

19 January 2012

•Reps say it is illegal •Query NNPC over storage facilities scam •As minister and PPPRA present conflicting figures on fuel consumption

Written by Jacob Segun Olatunji and Kolawole Daniel, Abuja

IT was another day of revelations, on Wednesday, at the ongoing House of Representatives ad hoc committee probing the  actual subsidy on fuel and on how the nation's oil sector was being managed in flagrant disobedience of the laws of the land.

At Wednesday’s hearing, the Nigerian National Petroleum Corporation (NNPC) admitted paying itself fuel subsidy due to it at the source.

This is coming just as the corporation also admitted that it was still transacting business with a major oil marketer who defrauded it to the tune of several millions of naira even after the intervention of the Economic and Financial Crimes Commission (EFCC).

However, the Group Managing Director of the NNPC, Mr Austin Oniwon, who made the admission said that he had not broken any rule in deducting subsidy money from source, saying that such deductions were carried out after verification and due approval by both the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Federal Ministry of Finance.

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