Not Less Than N11 Trillion Spent On Oil Subsidy In Six Years - The Senate Calls For An End To Subsidy

The Senate has asked the Federal Government to put an end to the payment of oil subsidy, which is describe as a drain on the nation's economy.

According to Henry Umoru, The Senate, yesterday raised the alarm that the nation has spent not less than N11 trillion on oil subsidy payment in six years, warning that further payment could kill the economy.

To put an end to fuel subsidy payment in the country, the Lawmakers also called for the building of the new refinaries.

Marafa in his presentation yesterday said that the commitee observed that there were differences in submissions made by the Federal Minisry of Finance, Petroleum Products Pricing Regulatory Agency (PPPRA) and Oil marketers.

N129 billion was approved yesterday as subsidy arrear claims 67 petrolum marketers.

This approval was as a result of the report of Senator Marafa-led Commitee on Petrolum Downstream.

"The  recent request computation is based on one of the already identified elements . That due to scarcity of forex within the period, oil marketing companieswere allowed to source forex outside CBN rateto enable them to meet the country's petroleum products demand.

NNPC retail should get it's petrolum product allocation directly from PPPMC at an already subsidised rate and so does not require forex to transact its business." Said Senator Marafa.

Senator Barnabas Gemade said "what has happened to those who defrauded the nation? I believe the 9th Senate will do justice to know what has happen to this money" he added

"The Government should be serious in its policies and not be dirctionless in excecuting these policies."

Senator Bassey Akpan in his contribution said "I submit totally to this initiative as this will add value to the petrolum sector"

Meanwhile the Senate has adjourned till 6th of June for its valedictory.