Markets

Petroleum Product Pricing Regulatory Agency (PPPRA) Blamed Fuel Subsidy Overpay

The Economic and Financial Crimes Commission has accused a leading accounting firm in the country, Akintola Williams Deloitte, and the Petroleum Product Pricing Regulatory Agency (PPPRA) of misleading the Federal Government to overpay some oil marketers under the subsidy scheme.

The anti-graft agency made the allegation at the weekend during the ongoing trial of some oil marketers before Justice Lateefat Okunnu of a Lagos High Court, Ikeja.

The commission said the PPPRA and Akintola Williams Deloitte, which is the Federal Government-appointed auditor for the fuel subsidy scheme, were both meant to witness the ship-ship-transfer of the product up to the point of discharging it in Nigeria. It added that the organisations were also to recommend to the Federal Government what ought to be paid to marketers based on the volume of fuel the oil marketers actually discharged in Nigeria.

But EFCC said the representatives of the organisations gave the federal government the inflated figures of the volume of petrol, thereby misleading the government to overpay the oil marketers for cumulative of 16 million litres of fuel.

Leave a Reply

Your email address will not be published. Required fields are marked *