{"id":19935,"date":"2011-12-23T00:57:52","date_gmt":"2011-12-23T00:57:52","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/12\/pengassan-asks-fg-to-probe-audit-report-on-subsidy-fraud\/"},"modified":"2011-12-23T00:57:52","modified_gmt":"2011-12-23T00:57:52","slug":"pengassan-asks-fg-to-probe-audit-report-on-subsidy-fraud","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/12\/23\/pengassan-asks-fg-to-probe-audit-report-on-subsidy-fraud\/","title":{"rendered":"PENGASSAN asks FG to probe audit report on subsidy fraud"},"content":{"rendered":"
\n

By VICTOR AHIUMA-YOUNG<\/p>\n

LAGOS \u2013 PETROLEUM and Natural Gas Senior Staff of Nigeria, PENGASSAN, has asked the Federal Government to investigate\u00a0 the activities of oil companies and other operators in the downstream\u00a0 sector of the oil and gas industry, following emerging facts indicating unwholesome fraud.<\/p>\n

Reacting to report of\u00a0 alleged fraud uncovered by\u00a0 KPMG, an international accounting and auditing firm, the association said all companies involved and those behind them should be punished for committing the crime.<\/p>\n

PENGASSAN President, Mr. Babatunde Ogun, said for the Federal Government to gain the confidence and trust of Nigerians, it must encourage transparency by conducting further investigations that would bring those behind the fraud to book.<\/p>\n

He said: \u201cWe need to know how much had been spent on the refineries overhaul till date by the various governments, with the value for money audit to determine the veracity of the various proposals that were used to demand the colossal amount sunk into the processes.<\/p>\n

\u201cGovernment should equally publish the KPMG Audit report on fuel subsidy, including the names of beneficiaries of such subsidies and ensure that those involved in the fraud do not go unpunished. The KPMG report should not be swept under the carpet.\u201d<\/p>\n

PENGASSAN\u00a0 said it wanted a judicial inquiry into the fuel subsidy pay outs, which stood at about N1.3 trillion or 25 per cent of Nigeria\u2019s yearly budget.<\/p>\n

He noted that the wastages, which the government complained about in the subsidy, were not in the policy itself, but in the process of granting the subsidy on petroleum products.<\/p>\n

It said: \u201cThe impact of the volumes and proceeds of local fuel supplies shows easy falls against the import price parity regimes inflicted by the imported petroleum products.\u201d<\/p>\n

Ogun\u00a0 said for the nation to breakthrough into the league of top 20 most-developed economies in 2020, government must exhibit transparency in its dealings by not only publishing the KPMG report, but also punish the culprits.<\/p>\n<\/div>\n

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\nPENGASSAN asks FG to probe audit report on subsidy fraud<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By VICTOR AHIUMA-YOUNG LAGOS \u2013 PETROLEUM and Natural Gas Senior Staff of Nigeria, PENGASSAN, has asked the Federal Government to investigate\u00a0 the activities of oil companies and other operators in the downstream\u00a0 sector of the oil and gas industry, following emerging facts indicating unwholesome fraud. Reacting to report of\u00a0 alleged fraud uncovered by\u00a0 KPMG, an international accounting and auditing firm, the association said all companies involved and those behind them should be punished for committing the crime<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19935","post","type-post","status-publish","format-standard"],"yoast_head":"\nPENGASSAN asks FG to probe audit report on subsidy fraud - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/12\/23\/pengassan-asks-fg-to-probe-audit-report-on-subsidy-fraud\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"PENGASSAN asks FG to probe audit report on subsidy fraud - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By VICTOR AHIUMA-YOUNG LAGOS \u2013 PETROLEUM and Natural Gas Senior Staff of Nigeria, PENGASSAN, has asked the Federal Government to investigate\u00a0 the activities of oil companies and other operators in the downstream\u00a0 sector of the oil and gas industry, following emerging facts indicating unwholesome fraud. 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