The Nigeria Extractive Industries Transparency Initiative (NEITI) has submitted the report of $74.386 billion spent on fuel subsidy by successive
has submitted the report of $74.386 billion spent on fuel subsidy by successive administrations since 2011 to the House of Representatives’ Committee on Public Accounts.
He however noted that the Agency is working with various enforcement Institutions including Economic and Financial Crimes Commission , Independent Corrupt Practices and Related Offences Commission as well as Nigeria Financial Intelligence Unit in the bid to recover the find into government’s coffers.He said: “I have here, for instance, revenues we have earned from oil and gas since 1999. We also have here all the subsidy payments made.
“In the course of this job, we have incentivised a lot of recoveries for the government because between what is paid and what was recovered, a lot of money in foreign exchange developed wings. Company A will say we paid $1 million and you go to the account of the receiving agency and you find out that either half of that money was not received or more is received more than what was paid because of poor record keeping and carelessness,” he said.
“We have also released the same report on the solid mineral sector and all the information and data are provided. On the 9th of November, we are releasing the last report for the year which is on fiscal allocation and statutory disbursements.
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