Nigeria Tam Tam: .....subsidised corruption, inefficiency and not petrol.

Reps uncover eight billion litres fuel subsidy scam 

 IT has been long in coming but it arrived upon us yesterday and Nigerians who long suspected that the nation was being bled through the fuel subsidy policy might be right after all!

 Laying bare the fraud that might have cost the country billions of Naira, the House of Representatives Ad Hoc Committee investigating the management of subsidy on petrol learnt yesterday that the Federal Government dutifully paid for 59 million litres of the product on a daily basis throughout year 2011, when the daily consumption capacity for the country was 35 million litres only.

Shocked by this disclosure, the Committee expressed disappointment that the gap between what was paid for and the consumption capacity - 24 million litres daily – created ample room for all involved in the subsidy regime to rip off the nation.

In a related development, former Petroleum Minister, Prof. Tam David-West, said the disclosures being made before the ad hoc panel on the petrol subsidy funds were a manifestation that Nigerians have been duped.
             
David-West, who spoke with The Guardian yesterday in Port Harcourt, Rivers State, said the Federal Government’s directives that the Economic and Financial Crimes Commission (EFCC) should investigate fraudulent disbursement of petroleum subsidy showed that government had over the years subsidised “corruption, inefficiency and not petrol.”...Read More...