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Nigeria loses $2bn annually to fake subsidy operators

26 May 2015, 15:07

Abuja - Senator representing Kwara Central, Bukola Saraki, has said that Nigeria was losing a total of $2 billion to fake fuel subsidy operators, Vanguard reports.

The former governor of Kwara State insisted that the fuel subsidy management in the country was a very big platform for fraud.

Also read: NNPC wants fuel subsidy scrapped

According to him, subsidy in itself was never a problem to the country but the bad management of the subsidy, which he said had been turned into a huge racket that created the lingering crisis in the oil sector.

He accused the government of issuing import licenses to very bogus number of companies totaling 82 and being used by oil marketers and government officials to rip off the national treasury on yearly basis.

Read more at Vanguard

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