Reps to investigate N413bn subsidy funds borrowed from CBN

The House of Representatives Ad-hoc Committee has launched an investigation into the N413 billion funds borrowed from the CBN for subsidy payments. The Committee said the investigation is to determine whether the said amount was refunded after the passage and assent of the 2015 budget as earlier approved by the President at that time. Ad-hoc […]

The House of Representatives Ad-hoc Committee has launched an investigation into the N413 billion funds borrowed from the CBN for subsidy payments.

The Committee said the investigation is to determine whether the said amount was refunded after the passage and assent of the 2015 budget as earlier approved by the President at that time.

Ad-hoc Committee Chairman, Ibrahim Mustapha Aliyu, while submitting it’s report to the house on Thursday also urged the federal government to put in palliative  to cushion the effects of subsidy removal on Nigerians.

The Report reads in part: “The House do consider the Report of the Ad–hoc Committee on the Need to Investigate the Petroleum Products Subsidy Regime in Nigeria from 2013–2022 and approve recommendations therein” (HR. 33/6/2022) (Laid: 31/5/2023).

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“That the Federal Government should immediately design measures and palliatives to cushion the effects of the subsidy removal for Nigerians effective from this year 2023 through the provision and procurement of CNG Busses as an alternative Transport System with Cheaper Fuel Consumption. The government should also introduce intermodal, regional and national transport system to ease mass movement of people across the country”.

The Committee in its report also demanded that the federal government stops the direct sale of crude and take measures to determine the actual crude oil production.

“With the subsidy removal, the Federal Government should forthwith suspend all Direct Sales Direct Purchase (DSDP) contracts. NNPCL should act by the provision of the PIA to ensure that the country is not sub-changed in production, lifting and sales of crude

“The Federal Government should as a matter of urgency, liaise with the National Assembly to fashion out critical areas of economic development, which the additional revenue from the proposed subsidy removal will be appropriately utilized.