The Senate constituted an ad hoc committee to investigate the fuel subsidy regime of the Nigerian National Petroleum Company Limited.
This followed the adoption of a motion by Patrick Chinwuba during plenary.
The motion was tagged “Need to Investigate the Controversial Huge Expenditure on Premium Motor Spirit PMS under the Subsidy/Under Recovery Regime by the Nigerian National Petroleum Company Limited”.
Moving the motion, Chinwuba said that the Federal Government on May 11th, 2016 announced increase in fuel pump price from 87 naira to between 135 naira and 145 naira per litre.
He said that the government’s interest in exiting the subsidy regime was in line with the policy of reducing cost of governance and the desire to eliminate corrupt practices surrounding the scheme.