Government & Politics

Senate Investigates N9.3 Trillion Spent on Petrol Subsidy in 30 Months

Affordable Data Plans for MTN, Airtel, Glo, and 9mobile at allmedia24data.com
Senate Investigates N9.3 Trillion Spent on Petrol Subsidy in 30 Months


The Nigerian Senate has launched an investigation into the controversies surrounding petrol subsidy payments. The focus is on the enormous amount of N9.3 trillion spent over a 30-month period. The 10th Senate has formed an ad hoc committee to carry out the probe. Mele Kyari, the CEO of the Nigerian National Petroleum Company Limited (NNPCL), has been summoned to provide information about the government’s under-recoveries. The Senate has urged the NNPCL to collaborate with International Oil Companies (IOCs) to establish three refineries for market stability and economic growth.

Contents

Buy Cheapest Data Price
Our Data Prices On Alrahuzdata:
- MTN SME 1: N256 per 1GB
- MTN SME 2: N253 per 1GB
- Airtel CG: N272 per 1GB
- Glo CG: N237 per 1GB
- 9mobile: N129 per 1GB
REGISTER NOW to get started: https://bit.ly/Allmediadata


Investigation into Expenditure:


The Senate initiated the investigation based on a motion by Senator Ndubueze Chinwuba. Between 2018 and 2019, N843.121 billion was spent on under-recoveries. Shockingly, between January 2021 and June 2023, N9.3 trillion was claimed to have been spent on petrol subsidy. These figures have raised concerns among Senators, leading to unanimous support for the investigation.

Call for Reform:


The Senate commended President Tinubu’s decision to remove fuel subsidy and expressed commitment to implementing palliatives. Once constituted, the Senate’s committees on Petroleum (Downstream), Petroleum (Upstream), and Finance will investigate subsidy payments and the under-recovery regime. A living wage for workers is also advocated to mitigate the effects of subsidy removal.

NNPCL’s Perspective:


NNPCL’s CEO, Mele Kyari, appreciated President Tinubu’s decision and stated that subsidy costs the government approximately N400 billion per month. The removal of subsidy and floating of the Naira has already improved Nigeria’s economic rating. NNPCL plans to go public, divest assets, and enhance gas availability.

IF YOU MISS NOTCOIN, DONT MISS TAPSWAP MINING
JOIN NOW BEFORE THE DEADLINE TO LAUNCH IT

CLICK THE LINK TO JOIN: https://t.me/tapswap_mirror_bot?start=r_5289508979

Way Forward:


The Senate’s investigation aims to ensure transparency and accountability in petrol subsidy expenditure. Collaboration between the NNPCL and IOCs to establish three refineries will stabilize the oil market and strengthen the economy. The focus remains on good governance, economic growth, and the welfare of Nigerian citizens.

Source: The Nation

Google News Channel

Follow us on Google News for Latest Headlines


Join Our WhatsApp, Facebook, or Telegram Group For More News, Click This Link Below;

WhatsApp Channel

https://whatsapp.com/channel/0029VaELqhlHVvTXjDnUf80h


WhatsApp Group

https://chat.whatsapp.com/C6C3F5tXtKE8SUuJUO78KA


Facebook Page

https://facebook.com/allmedia24news


Our Twitter Page

https://www.twitter.com/allmedia24news
Telegram Group

https://t.me/allmedia24

Threads App Official Page

https://www.threads.net/@allmedia24news


Discover more from Allmedia24 News

Subscribe to get the latest posts to your email.

Allmedia24 Whatsapp Group

RECEIVE NEWS FROM EMAIL

Leave a Comment

Your email address will not be published. Required fields are marked *

*