Tag Archives: Subsidy

N5 billion recovered, 40 arrested over oil subsidy fraud— EFCC


By Austin Ogwuda Enugu—Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ibrahim Lamorde, yesterday, in Enugu, said the commission had cracked oil subsidy fraud in which over N5 billion had been recovered and more than 40 suspects arrested. Lamorde, who disclosed this at a workshop on effective reporting of financial crimes organized […]

Nigeria: Subsidy Must Go – Finance Commissioners, NECA

Commissioners for Finance from the 36 states of the federation rose from their monthly Federation Accounts Allocation Committee, FAAC, meeting in Abuja, yesterday, insisting that petroleum products subsidy must be removed. While their position was consistent with that of the Nigerian National Petroleum Corporation, NNPC, it sharply contradicted the thinking of the Nigerian Senate, which […]

Nigeria: Unaccounted U.S.$49.8 Billion – Senate Rejects Recommendation On Fuel Subsidy Removal

Almost six weeks after the Senate Committee on Finance submitted its report on the allegation made by the former Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, on the non-remittance of oil revenue to the Federation Account by the Nigerian National Petroleum Corporation (NNPC), the Senate yesterday deliberated on the report […]

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