Senate Reveals N10 trillion Fraud in the Petroleum sector

The Nigeria Senate has uncovered an alleged fraud of N10 trillion that was carried out by staff of the Nigerian National Petroleum Corporation (NNPC) with officials of some of the independent marketers and others in the petroleum industry for ten years between the years 2006 to 2016.

The Senate joint committees on Petroleum (upstream and downstream) and that of Gas, will this week begin a probe of the affected companies, agencies of government and heads of these agencies and parastatals of government.

According to the Committee, it has the support of President Muhammadu Buhari and the Senate Leadership to carry out a thorough and holistic investigation on the alleged fraud and bring to book, the perpetrators, just as it said that the amount involved was big enough to finance the country’s budget for two consecutive years. Addressing Journalists weekend on the alleged scam, Chairmen of the Committees led by Senator Kabiru Marafa (Chairman, Senate Committee on Petroleum Downstream) said that out of the N10 trillion fraud, NNPC alone would account for N5.2trillion it collected as subsidy from the federal government of Nigeria for importation of Petroleum Products particularly Premium Motor Spirit (PMS) otherwise known as petrol or fuel between 2006 and 2016.
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