Corruption in Nigeria
If corruption is a normal part of politics and doing business, then Nigeria is in the mainstream.Nigeria fuel subsidy report 'revealing $6bn fraud' due
Nigeria's parliament is to discuss a report said to reveal that $6bn (£4bn) has been defrauded from the fuel subsidy fund in the past two years.
The debate will be televised live - and make official findings that have been widely leaked in recent days…
The 205-page parliamentary report uncovers a long list of alleged wrongdoings involving oil retailers, Nigeria's Oil Management Company and the state Nigeria National Petroleum Corporation.
According to the leaks, a total of 15 fuel importers collected more than $300m two years ago without importing any fuel, while more than 100 oil marketers collected the same amount of money on several occasions.
The leaked report also says that officials in the government of President Goodluck Jonathan were among those who benefited from the subsidy fund…
Many Nigerians were livid when they were told by their government that the fuel subsidy was economically unsustainable - only to now find out the scale of fraud in the operation of the fund, our correspondent says.
Despite being a major oil producer, Nigeria has not invested in the infrastructure needed to produce refined fuel, so has to import much of its petrol.
The annual $8bn subsidy means prices are lower than in neighbouring countries - and correspondents say many Nigerians see cheap fuel as the only benefit they get from their country's oil wealth, much of which is pocketed by corrupt officials…
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Labels: corruption, Nigeria, politics
posted by Ken Wedding @ 6:20 AM
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