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Nigeria: There Was No Fuel Subsidy, Lawmakers Told

Daily Trust (Abuja)

Turaki A. Hassan

20 January 2012

Former Chairman of the Nigeria Bar Association (NBA), Olisa Agbakoba (SAN) said there was no evidence to prove that the Federal Government was subsidising petrol for Nigerians prior to the removal of fuel subsidy on January 1st.

Testifying before the House of Representatives ad-hoc committee on the investigation of the subsidy regime at the National Assembly complex yesterday, Agbakoka said even at N65 per litre, PMS was not subsidised by government.

The former NBA president argued that experts outside government have calculated the landing cost and profit margin which, he said, indicated that fuel is not supposed to cost more than N40 per litre.

Agbakoba described as a “disgrace” the audit report of the Nigeria National Petroleum Corporation (NNPC) by the KPMG which is yet to be implemented since it was submitted to the Federal Government in September 2010.

“In the report, PPPRA abandoned its criteria and serviced only those who came with briefcases. The House must demand that the KPMG report be implemented,” he said.

Agbakoba also called for a review of the “structure of the country” arguing that “if Nigeria is governed from Abuja under the centrifugal federal system, we will continue to have weak and inefficient system.”

He demanded that the Nigeria Local Content Development Act be implemented as it will help generate N10 trillion annually.”

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