• Senate panel threatens to compel Auditor-General’s appearance over absence from NEITI oil sector audit probe
Sunday Aborisade in Abuja
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Thursday disclosed that Nigeria spent a staggering N1.16 trillion on fuel subsidy in 2021, while another N1.20 trillion was deducted from federation crude oil sales proceeds, as the Senate intensified its probe into the management of revenues in the nation’s oil and gas sector.
The revelation came during the presentation by the Chairman of RMAFC, Dr. Mohammed Bello Shehu, before the Senate Public Accounts Committee (SPAC), which is investigating findings contained in the 2021 to 2023 audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI).
Shehu told the committee that fuel subsidy constituted one of the largest deductions from oil revenues during the period under review, alongside several other cost items that significantly reduced distributable earnings to the Federation Account.
