Nigeria Lost $32 Billion Due to Fuel Subsidy Fraud

Senator Bukola Saraki says fake fuel subsidy operators are responsible for one of the most massive frauds in Nigeria. Inappropriate fuel subsidy management annually results in a drainage of $2 billion from the treasury. Saraki claimed to know a simple way to resolve the problem

 

Saraki said the incoming Muhammadu Buhari government should urgently remove the fuel subsidies and return to normal deregulated business in the fuel market. He also accused the outgoing government of giving import licenses to 82 shady companies with the sole purpose of draining money from the Nigerian budget. He estimates yearly losses of $2 billion due to the activity of these bogus firms.

 “No matter what is happening now, if you go back to look at it, the major issue that dwindled us was the subsidy management”, Saraki said. “We are talking of about minimum of over $32 billion wasted on it over the last five to six years”.