The Senate Committee on Public Account has uncovered a differential of N120 billion in the payment of subsidy on fuel importation to the Independent Petroleum Marketers Association of Nigeria (IPMAN) by the Petroleum Products Pricing Regulatory Agency (PPPRA) in 2016.
The differential came to the fore Wednesday when officials of IPMAN appeared before the committee .
The panel, relying on 2016 report by the Auditor-General for the Federation, said the subsidy amount reflected in the Federation Account Allocation Committee (FAAC) was N443 billion, while the record presented by the PPPRA showed N563 billion.
The report said, “The amounts reflected in FAAC records at the OAGF (Office of the Auditor-General for the Federation) of N443,940,559,974.80 as subsidy payments during the year 2016 , is at variance with the total amount paid of N563,283,294,925.47 in the records of PPPRA as subsidy payments during the year 2016,” the report said.
But the national president of IPMAN, Elder Chinedu Okoronkwo, told the committee members that the union has over 50,000 members across the country adding that the agency did not know the real beneficiary of the N120 billion differentials.
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