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Thursday, 26 April 2018

Just in: Senate orders NNPC to refund N216bn subsidy fund to FG

Just in: Senate orders NNPC to refund N216bn subsidy fund to FG

NNPC to refund N216bn subsidy fund to FG - Senate

The house of Senate has ordered the Nigerian National Petroleum Corporation (NNPC) to stop payment of subsidy and refund the total sum of N216 billion to the federal government. The house passed the order on Wednesday, April 25.

- The Senate has asked the NNPC to stop paying oil subsidies

- The upper chamber said the corporation's payment of the money without the consent of senators was unlawful

- The lawmakers asked the NNPC to refund the federal government the sum of N216 billion

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The Senate has ordered the Nigerian National Petroleum Corporation (NNPC) to end further payment of oil subsidies, The Cable reports.

The upper chamber also demanded the corporation to immediately refund the total sum of N216 billion said to have been used for subsidy payment to the consolidated revenue fund of the federal government.

The order from the Senate came on Wednesday, April 25, after adopting the recommendations of its committee that investigated the subsidy payment carried out without approval of senators.

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The lawmakers referred to the payment as illegal and lacking in transparency. They also ordered the corporation to pay oil marketers the outstanding arrears of subsidy payment owed them before 2017.

Meanwhile, NAIJ.com reported that the minister of finance, Kemi Adeosun, had said that there would be no more payment of fuel subsidy to marketers as the Nigeria National Petroleum Corporation (NNPC) bored the loss of fuel importation “on behalf of all Nigerians’’.

Adeosun said this while fielding questions from State House correspondents after the Federal Executive Council meeting, which was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja on Wednesday, January 31.

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