Nigeria's parliament is to debate a 200 page parliamentary
report, which reveals that £4 million has been defrauded from the fuel subsidy
fund in the past two years. The discussion, to be broadcast live, will be
disclosing findings that have been leaked in recent days.
The inquest followed nationwide protests in January after the
government tried to remove the subsidy. Despite being one of the biggest oil
producers in Africa, Nigeria imports most of its fuel.
The report uncovers a number of alleged offenses involving oil
retailers, Nigeria's Oil Management Company and the state
Nigeria National Petroleum Corporation.
According to the leaks, a total of 15 fuel importers received
more than $300 million two years ago without importing any fuel, while more than
100 oil marketers collected the same amount of money on several occasions. It
has been reported that officials in the government of President Goodluck
Jonathan were among those who benefited.
Many of those named have denied the allegations, with some
advertising their innocence in local newspapers. According to some experts,
Nigeria's lawmakers might adopt some of the findings because of the on-going
public outcry over the attempt to withdraw the subsidy, which was deemed
economically unsustainable by the government.
The annual $8 billion subsidy means fuel prices in Nigeria are
lower than those in neighbouring countries. Following a week of street protest
and a general strike across the country, the government agreed to restore some
of the subsidy and reduce the price of fuel.
President Jonathan, however, defended the cut, saying in order
for Nigeria to “survive economically” it was necessary to
“deregulate” the subsidy regime.
Sources: BBC News, Reuters, WSJ
For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria
Politics & Security.
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