<\/p>\n
The Senate says it has uncovered differential of N120 billion in the payment of subsidy to the Independent Petroleum Marketers Association of Nigeria (IPMAN) by the Petroleum Products Pricing Regulatory Agency (PPPRA).<\/span><\/strong><\/p>\n <\/p>\n The Senate Committee on Public Account said that the subsidy amount reflected in the Federation Account Allocation Committee (FAAC) was N443 billion, while the record presented by the Petroleum Products Pricing and Regulatory Authority (PPPRA) showed N563 billion.<\/span><\/p>\n <\/p>\n It relied on the 2016 report by the Auditor-General of the Federation, said: \u201cThe amounts reflected in FAAC records at the OAGF (Office of the Auditor-General for the Federation) of N443,940,559,974.80 as subsidy payments during the year 2016 is at variance with the total amount paid of N563,283,294,925.47 in the records of PPPRA as subsidy payments during the year 2016.\u201d<\/span><\/p>\n <\/p>\n The committee, chaired by Senator Matthew Urhoghide, has summoned the PPPRA to provide the list of the beneficiaries for IPMAN to respond to issue raised in the query which observed that the sum of N121 billion was paid as outstanding subsidy commitments to oil marketers for 117 transactions in 2014 from the record of the PPPRA.<\/span><\/p>\n <\/p>\n According to the query, the sum of N441.9 billion was paid to oil marketers as subsidy commitments for 324 transactions in 2015.<\/span><\/p>\n <\/p>\n \u201cFrom records presented for audit, there was no year 2016 PSF payment made as a result of the removal of subsidy on petroleum products with the increase pump price from N89 to N143. Only outstanding payments for previous years 2014 and 2015 and interest payments were made in 2016.<\/span><\/p>\n <\/p>\n \u201cWe were unable to carry out verification visits to the Oil marketers to confirm their eligibility to draw from the Petroleum Support Fund. This was as a result of the PPPRA\u2019s inability to provide the letters of introduction for us to gain access to the oil marketers. We were therefore unable to confirm that the amounts disbursed were paid to legitimate marketers.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" The Senate says it has uncovered differential of N120 billion in the payment of subsidy to the Independent Petroleum Marketers Association of Nigeria (IPMAN) by the Petroleum Products Pricing Regulatory Agency (PPPRA). The Senate Committee on Public Account said that the subsidy amount reflected in the Federation Account Allocation Committee (FAAC) was N443 […]<\/p>\n","protected":false},"author":1,"featured_media":1280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[15,16],"tags":[],"class_list":["post-1279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-energy"],"yoast_head":"\n