Representatives examine grant regime from 2017 to 2021, #Reps #examine #grant #regime Welcome to OLASMEDIA TV NEWSThis is what we have for you today:
The House of Representatives has set up an ad hoc committee to investigate the subsidy regime for petroleum products from 2017 to 2021.
The commission was set up after Sergius Ogun disclosed that the cost of components in the value chain of the petroleum product subsidization claimed by the Nigerian National Petroleum Corporation (NNPC) is highly exaggerated, while the price of the transfer pump per liter, which is the NNPC is used in relation to Petroleum Pipeline Marketing Company (PPMC), is underlisted.
He claimed this is fraudulent, adding that the subsidy regime has been used by the NNPC and other critical stakeholders to undermine the country’s crude oil revenues amounting to more than $10 billion.
The committee is expected to report to the House of Representatives within eight weeks for further legislative action.
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