Senate Investigates N9.3trn Spent On Subsidy In 30 months

The Senate has commenced investigation into the spending of N9.3 trillion in 30 months on fuel subsidy.

Specifically, the Senate is probing oil subsidies and the recovery regime operated by the federal government till May 29, 2023, when it was removed by President Bola Ahmed Tinubu.

The Senate is also asking for the functionality of the three government refineries in Kaduna, Port Harcourt and Warri.

The lawmakers, looking at the agony workers go through, are seeking an improved living wage.

The resolutions followed a motion sponsored by Senator Chiwuba Ndubueze (APC Imo North).

Subsidy Removal Drags Down Petrol Consumption By 28%

Ndubueze in the motion titled: “Need to investigate the controversial Huge Expenditure on Premium Motor Spirit (PMS) under the subsidy/under recovery regime by the Nigerian National Petroleum Company Limited (NNPCL)”, said the step taken by Tinubu on subsidy withdrawal in May, was commendable but the regime needs to be investigated.

He submitted that while within 10 years (2006-2015), the federal government through NNPCL, claimed N170 billion as under recovery, it expanded whooping N843.121 billion on under recovery between January 2018 and January 2019.

The Senate accordingly resolved that its standing committees on Petroleum (Downstream), Petroleum (Upstream) and Finance , should when constituted, carry out holistic investigation on all controversies surrounding subsidy and under recovery regime.