The Senate, with a commitment to social services, has announced its plan to investigate the controversies surrounding fuel subsidy payments.
The motion put forward was titled “Need to Investigate the controversial huge expenditure on Premium Motor Spirit (PMS) under the subsidy/under recovery regime by the Nigerian National Petroleum Company Limited (NNPCL).”
The Senate recognized the importance of investigating the substantial expenses associated with PMS under the subsidy/under recovery regime and assigned it as a focal point for their investigation.
The 10th assembly has decided to carry out the investigation by forming an ad hoc committee specifically dedicated to the downstream oil sector. This committee will be responsible for conducting the investigation into the controversies surrounding fuel subsidy payments and scrutinise and approve Midstream and Downstream spending of the NNPCL.
It summoned Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer (GCEO) Mele Kyari to brief it on Federal Government’s under-recoveries.
It urged the NNPCL, in conjunction with some IOCs, to form three different consortia and build three refineries to stabilise the nation’s oil market, give value to the Naira and stabilise the economy.
The Senate also called for a living wage for workers as a way of cushioning the effects of subsidy removal.
These resolutions were sequel to the consideration of a motion by Senator Ndubueze Chinwuba.
