Senators At Loggerheads Over Nigeria's $3.5bn Fuel Subsidy Fund
The Senate has begun a fresh investigation into the alleged illegal subsidy payment on petrol by the Nigerian National Petroleum Corporation. The Senate alleges that the state oil firm used the fund to subside the price of imported petrol without the house's approval. The firm has denied claims that it has the money in its custody.
The Nigerian National Petroleum Corporation has said that it currently spends U.S.$2.1 million every day to subsidise petrol and keep the fixed retail price at N145 per litre. ... Read more »
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