EFCC recovers N13 billion in illegal fuel subsidies
The Economic and Financial Crimes Commission, EFCC, has recovered approximately N13 billion as proceeds from illegal payments made under the subsidy scheme between 2017 and 2021.
DAILY POST reports this in a document recently obtained from the Nigeria Financial Intelligence Unit, the NFIU's National Risk Assessment of Money Laundering in the Nigerian Extractive Sector website.
"The Economic and Financial Crimes Commission, the agency charged with investigating and prosecuting corrupt subsidies in Nigeria's oil and gas sector, has recovered N12,998,963,178.29 as proceeds of illegal payments carried out under the subsidy scheme between 2017 and 2021", the document indicated.
Corruption related to fuel subsidies is a concern in Nigeria. For example, the World Bank has said that increased fuel subsidies pose a high risk to the Nigerian economy, as subsidy payments could have a significant impact on public finances and pose debt sustainability issues. .
The Economic and Financial Crimes Commission, EFCC, has recovered approximately N13 billion as proceeds from illegal payments made under the subsidy scheme between 2017 and 2021.
DAILY POST reports this in a document recently obtained from the Nigeria Financial Intelligence Unit, the NFIU's National Risk Assessment of Money Laundering in the Nigerian Extractive Sector website.
"The Economic and Financial Crimes Commission, the agency charged with investigating and prosecuting corrupt subsidies in Nigeria's oil and gas sector, has recovered N12,998,963,178.29 as proceeds of illegal payments carried out under the subsidy scheme between 2017 and 2021", the document indicated.
Corruption related to fuel subsidies is a concern in Nigeria. For example, the World Bank has said that increased fuel subsidies pose a high risk to the Nigerian economy, as subsidy payments could have a significant impact on public finances and pose debt sustainability issues. .
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