REFUND N261BN ILLEGAL SUBSIDY, Senate Orders NNPC

N261BN subsidy paid by Nigerian National Petroleum Corporation (NNPC) on premium motor spirit otherwise known as Petrol), has been declared illegal by  the Nigerian  Senate.

To this end, the Senate has ordered the corporation to refund the sum of N216 billion spent for the purpose in 2017 under the guise of “operational costs” into the Federal Government’s coffers.

The upper legislative chamber also asked the corporation to stop further payment of the subsidy, while asking it to pay the arrears owed fuel marketers.

The Committee on Public Accounts made the recommendations in its report on the investigation into the illegal subsidy payments, which was adopted by the Senate at the plenary on Thursday.

The Senate also resolved to legalise the payment by including it in the 2018 budget, and called for the sanction of all officials involved in the illegal transactions.

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