21 firms stole N382 billion subsidy money

The Chairman of the Presidential Committee, Aigboje Aig-Imoukhuede that 21 firms stole N382 billion subsidy money. He disclosed this while addressing journalists after submitting the final report to President Goodluck Jonathan. The probe commissioned by the President is the latest in a string of investigations into fuel subsidy scheme that is rife with corruption and a massive drain on the country’s finances. Mr Imokhuede did not name specific companies but some of the world’s largest oil traders import petrol into the country, along with marketers owned by some of the richest and most powerful Nigerians. Nigeria is among the top 10 crude oil exporters in the world but due to decades of corruption and mismanagement it has to import most of its refined fuel needs. The Federal Government scrapped payment of fuel subsidy on January 1, potentially saving the country over $6 billion. But more than a week of strikes and protests erupted across the country against the higher cost of fuel, forcing the government to partially reinstate subsidy payments.