Revenue Commission, RMAFC: NNPCL Not Transparent With Fuel Subsidy Remittance, Failed To Send N8.4 Trillion To Federation Account
The Nigerian National Petroleum Company Limited (NNPCL) withheld the amount of N8.480 trillion intended for the Federation Account as a gasoline subsidy between January of last year and the present, according to the Revenue Mobilization Allocation and Fiscal Commission, or RMAFC.
The commission’s chairman, Mohammed Shehu, claimed that the subsidy regime was opaque in a statement made in Abuja.
He insisted that since the enormous sum had still not been reconciled, ending the subsidy was the best course of action for the country.
He said, “It is saddening to observe that the Nigeria National Petroleum Company Limited (NNPCL) has not made a contribution to the Federation Account since January 1, 2022, despite the reported subsidy payments.
“According to the Office of the Accountant General of the Federation (OAGF), the total amount withheld by the NNPCL as claimed subsidies for this time was N8,480,204,553,608.13. The RMAFC, OAGF, and NNPCL have not yet reconciled this information.
“It would be foolish to sustain the phantom payments of subsidy at the expense of other critical sectors of the economy, making a sustainable future for the Government difficult in a situation where the records of subsidy transactions are not readily available and crude oil prices are being determined globally,” the report reads.
Shehu allegedly asserted that the elimination of fuel subsidies will end the purported uncertainties surrounding the subsidy regime and release funding for the implementation of important national development and human capital improvement programs.
The Chairman called President Bola Tinubu‘s announcement on May 29, 2023 that fuel subsidies will be eliminated as a result of non-budgetary provisions for subsidies as a masterstroke that ended the subsidy curse.
Shehu urged President Tinubu to act in conformity with the current laws of the nation against all economic saboteurs who have contributed to the country’s economic challenges.
He voiced confidence in the Dangote Refinery, saying that “when it becomes operational, the country will witness a glorious dawn in hassle-free oil production and distribution in the absence of a subsidy regime.”
The head of RMAFC also tasked the president with acting quickly to implement measures to lessen the pain brought on by the elimination of subsidies.
