The Nigerian House of Representatives has initiated an investigation into the alleged non-remittance of N8.8 trillion and $2 billion by NNPC Limited under the petroleum subsidy scheme.
This decision follows a report from the House Committee on Finance concerning the Medium Term Expenditure Framework (MTEF), which was presented during a plenary session.
The Revenue Mobilization, Allocation, and Fiscal Responsibility Commission has raised serious allegations that NNPC withheld N8.8 trillion in dividends owed to the federation as payments for petrol subsidies.
Additionally, a report from the Nigeria Extractive Industries Transparency Initiative (NEITI) highlighted that NNPC failed to remit $2 billion and N3.6 trillion in taxes to the Federal Government.
To address these concerns, the House has tasked the Committees on Finance, Petroleum Upstream, and Petroleum Downstream with verifying the total unremitted revenue from the sale of Premium Motor Spirit (PMS) by NNPC between 2020 and 2023.
The committees are expected to thoroughly investigate these claims and provide clarity on the financial discrepancies.
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