President Muhammadu Buhari has instructed the Nigeria National Petroleum Corporation (NNPC) to review agreements behind a programme to swap crude for refined products.
President Muhammadu Buhari
It must be recalled that in May, 2015, the Jonathan led administration set up a probe panel, involving Nigeria’s anti-corruption agency, and intelligence service.
Their task was to find out whether the government was losing money through opaque contracts in which crude oil worth billions of dollars is given to traders in the exchanges.
President Buhari has been advised to end a programme that heavily subsidises petrol and relies on imports for the bulk of Nigeria’s domestic demand due to an under performing refining system.
It was revealed that the subsidy which have paid out more than $6 billion in fraudulent claims in 2012, is proving to be increasingly costly.
In a related development, Governor Nasir El-Rufai of Kaduna state has suggested a revolutionary move to scrap the Nigerian National Petroleum Corporation (NNPC).
