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Members of the House of Representatives Joint Committees on Finance and Petroleum Downstream on Tuesday walked out officials of Petroleum Product Pricing and Regulatory Agency, PPPRA officials over improper representation. The Committees met to commence public hearing on the reported reintroduction of fuel subsidy.

The House had earlier ordered investigation into the matter to ascertain the actual petroleum pricing template and those responsible for the approval of subsidy for petroleum product since no budgetary allocation was made for it. The hearing followed reports that the NNPC was paying for the under recovery of PMS since the landing cost of the product is N160 against government approved N145.


Irked by the officials that represented the organization, the Joint Committee Chairman, Babangida Ibrahim, APC, Katsina in his ruling declared that ”we shall start a full scale public hearing on the issue.


“We must get to the bottom of this matter and know who pays the difference if landing cost of fuel is N160 and control price is N145."


Meanwhile, the Minister of Finance, Kemi Adeosun, Minister of State, Petroleum, Ibe Kachikwu and the Group Managing Director of Nigerian National Petroleum Corporation,NNPC, Mekanti Baru failed to show up at the hearing.

 

 

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