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

The Senate on Tuesday hinted that it may sanction the probe of the Nigerian National Petroleum Corporation (NNPC), over claims that it mismanaged about N5.1 trillion it got as subsidy funds between 2006 and 2015.

The Senate decided to look into the N5.1 trillion collected as subsidy for petroleum products by the Nigerian National Petroleum Corporation between 2006 and 2015. The Senate’s decision was sequel to a point of order raised by Senator Dino Melaye.
Melaye complained that the independent marketers were investigated over the amount collected on subsidy, but NNPC, which imported 51 per cent of the fuel, was yet to be probed.

According to him, marketers only collected N3.8 trillion as subsidy, while NNPC collected N5.1 trillion between 2006 and 2015, but has not been investigated. After listening to Melaye, the President of the Senate, Dr. Abubakar Bukola Saraki, scheduled Wednesday to debate the motion.