Oil Theft: Senate Constitutes Panel to Commence Investigation
- Following the continuous outcry and allegations of oil theft in the country, the House of Senate is set to get to the root of the matter
- It has been alleged that over 70 million litres of fuel are stolen on a daily leaving Nigeria to suffer a huge loss in revenue
- Further allegations also reveal that Nigeria losses $2billion annually to fuel subsidy scam with no headway to tackle it
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FCT, Abuja - Investigation into the incessant case of oil theft in the country is underway as the House of Senate constitutes a 13-man panel to commence findings, ThisDay reports.
According to the newspaper, this development is coming after numerous allegations about oil theft and fuel subsidy scam were flying about most notably after former Senate President Bukola Saraki harped on the same allegation.
Source: Facebook
Legit.ng gathered that Senator Bassey Albert Akpan of the Akwa Ibom North-East Senatorial District was named chairman of the investigation committee.
The Senate President, Ahmed Lawan at the plenary gave the committee a one-month ultimatum to commence and conclude the investigation.
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Senate approves N4 trillion for petrol subsidy in 2022
Meanwhile, during the plenary, the red chamber approved N4 trillion for petrol subsidy in 2022 with the figure signifying the amount stipulated in the two separate requests by President Muhammadu Buhari to the National Assembly for approval.
The National Assembly in December 2021, had approved the sum of N442.7 billion for subsidy in the 2022 budget for the period of January to June this year.
Buhari, however, anchored his fresh request on the fact that petrol subsidy was not duly appropriated for in the national budget beyond June.
According to him, the development was a result of the provisions of the Petroleum Industry Act which stops all such payments past the given June deadline.
In another letter dated April 12, 2022, Buhari had requested the National Assembly to approve an additional N1 trillion to his earlier N2.557 subsidy request to bring the total amount on payments to N4 trillion for the year 2022.
The approval came with the passage of a bill to amend the 2022 Appropriations Act transmitted to the National Assembly on February 10, 2022, by President Muhammadu Buhari for consideration.
The Senate in December 2021, had passed a budget of N17,126,873,917,692 trillion.
The revised sum of N17.3 trillion in contrast with the 2022 budget of N17.13 trillion passed last year, represented a N193 billion increase.
Saraki makes shocking revelation over fuel subsidy
It will be recalled that former Senate President, Bukola Saraki accused the NNPC for being complacent over the incessant case of oil theft.
He said NNPC has not made any impact to bolster the nation's federation account (FAC) over the past few months.
Saraki said Nigeria losses $2billion annually to fuel subsidy scam and that 70 million litres of fuel are stolen daily.
Nigeria loses 80% of oil production to theft - Pastor Adeboye
Similarly, Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG), recently claimed that 80% of the country’s oil production is lost to theft.
The revered cleric said this on Sunday, April 3, adding that 90% of oil revenue is used to service debt in Nigeria.
His words:
“More than 80 percent of all the oil we are producing is been stolen and nobody has denied it, it came from the government."
Source: Legit.ng
