Nigerian Senate to investigate NNPC fuel subsidies

ABUJA, October 17, 2018 – The Nigerian Senate has voted to probe an alleged USD 3.5-billion fuel subsidy fund at the Nigerian National Petroleum Corporation (NNPC), international media reported Tuesday.

The legislature claims the NOC has subsidised imported fuel without its approval using the fund, Reuters reported.

Nigeria is Africa’s largest crude oil exporter, yet it imports most of its domestic refined fuel needs. According to the Nigerian Bureau of Statistics, the country imported 17 billion litres of petrol in 2017.

Private companies mostly stopped importing petrol after the government scrapped subsidy payments to help them sell at the capped price, thus leaving NNPC to import 90% or more of Nigeria’s consumption.

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