FUEL SUBSIDY: REPS QUERY N222.1BN EXTRA-BUDGETARY SPENDING

The House of Representatives Ad-Hoc Committee on the Non-Implementation of the 2015 Capital Budget has queried the executive expenditure of N222.1bn on fuel subsidies from January to July, 2015.

 

Chairman of the committee, Aliyu Pategi (APC Kwara), expressed the committee’s position during a public hearing in Abuja on Tuesday.

 

Read more @ Punch Online

APC TELLS BUHARI TO DISCARD PIB, REVIEW SUBSIDY

President Muhammadu Buhari’s party, the All Progressives Congress, has advised him to discard the Petroleum Industry Bill, review fuel subsidies and sell off some units of the Nigerian National Petroleum Corporation.

 

Read more @ Punchonline

NNPC SPENT N3.8TN IN THREE YEARS WITHOUT APPROVAL

The National Economic Council (NEC) has revealed that the Nigerian National Petroleum Corporation (NNPC) spent N3.8 trillion in three years without approval.

The latest indictment of NNPC, confirmed the forensic audit report by PricewaterhouseCoopers (PwC) and the 2012 report of the Presidential Committee on the Verification of Fuel Subsidies, which both revealed that the corporation deducts as much as 46 per cent of oil receipts to meet its expenditure before remitting the balance to the Consolidated Revenue Fund (CFR).

 

Read more @ Thisdaylive