According to information obtained by the PUNCH, the Economic and Financial Crimes Commission (EFCC) recovered almost N13 billion as the proceeds of unauthorized payments made between 2017 and 2021 under the subsidy system.
This was based on a document that our correspondent downloaded from the Nigeria Financial Intelligence Unit’s website entitled “National Inherent Risk Assessment of Money Laundering and Terrorist Financing in the Nigerian Extractive Sector.”
Since PMS is far less expensive in Nigeria than in its neighbors, this is also related to the subsidy system. In contrast to daily consumption projections made by the government, the NNPC saw daily rises in Premium Motor Spirit evacuation in a number of depots around the nation.
Experts have however cautioned the Federal Government that the N4tn fuel subsidy bill will have a negative impact on the economy of the nation.