Senate Sets Up Committee To Investigate $1.05bn NNPC Subsidy Fund
Nigeria was late last year hit with fuel scarcity. Image: Guardian

The Senate will start a probe into the alleged diversion of $1.05bn from the Nigerian Liquified Natural Gas dividend for the payment of petroleum product subsidy.

Concise News reported that the Nigeria National Petroleum Corporation (NNPC) took the fund without the approval of the National Assembly.

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Raising a point of order on Tuesday at plenary, the Chairman of the Senate Committee on Petroleum (Gas), Bassey Akpan, called on the lawmakers to probe the ‎withdrawal and payments.

Responding, the Senate President Bukola Saraki, ruled that the committee should go ahead with the probe.

Saraki had on Monday noted that the Senate would investigate by the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, on how and why the corporation was diverting the dividends from the NLNG.

Before now, the lawmakers had set up an ad hoc committee to probe an alleged $3.5bn account kept by NNPC for petrol subsidy payment.