Nigeria has lost in excess $7 billion in oil theft as at 2021, House of Representatives has said.
The House of Representatives Special Ad-hoc Committee investigating the subsidy regime disclosed this a public hearing in Abuja.
The committee said that, records have shown that as at 2021 over $7 billion in over 120 million barrels have been diverted.
The committee thus summoned the governor of Central Bank of Nigeria (CBN), Godwin Emefiele, Inspector-General of Police (IGP), Usman Alkali Baba and the Director-General (DG), Department of State Services (DSS), Magaji Bichi to appear before
Chairman of the Ad-hoc Committee, Ibrahim Almustapha Aliyu gave the directive during its sitting.
The lawmkers also alleged that, the component costs of the petroleum products subsidy value chain claimed by the NNPC is over bloated while the transfer pump price per litre used in relation to PPMC is underquoted as N123-N128 instead of N162-N128 which the committee said amounts to N70 billion in a month, was fraudulent.
The Ad-hoc Committee is investigating Ministries, Departments and Agencies (MDA’s) and oil companies on the subsidy and the current Direct Sale and Direct Purchase (DSDS) arrangement with NNPC.
The Ad-hoc Committee expressed disappointment that the installed capacity utilisation of the country began to nosedive and eventually fell to zero as a result of ineffective and corruption by critical stakeholders.
It noted that, it was as a result of the decline NNPC found it more convenient to export crude oil in exchange for refined petroleum through the DSDP arrangement.
