By Our Correspondent<\/p>\n
The Chairman of Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC) , Dr Mohammed Bello Shehu , disclosed Thursday that Nigeria spent N1.16trillion on fuel subsidy in 2021 just as the sum of N1.20trillion was deducted from the federation crude sales proceeds .<\/p>\n
The RMAFC boss who stated this in his presentation to the Senate ‘s Public Accounts Committee ( SPAC), probing 2021 – 2023 Audit reports on the oil and gas industry conducted by Nigeria Extractive Industries Transparency Initiative ( NEITI) , added that aside the fuel subsidy , crude and product losses also accounted for N16.20billion , pipeline repairs N22.05billion and strategic stock holding N6.75billion .<\/p>\n
He also informed the committee that during the period , intension of the derivation objective was undermined by the way it was computed .<\/p>\n
” The practice of computing 13% derivation on the balance of revenue after deductions from the total collections is contrary to the intension of the derivation objective “, he said .<\/p>\n
However the Niger Delta Development Commission ( NDDC) ‘s submission was stood down by the committee chaired by Senator Ibrahim Dankwabo ( Gombe North ) , for members to study report for reappearance next week Wednesday .<\/p>\n
But the Chairman frowned at the non – appearance of the Auditor – General of the Federation for the investigative session without any valid or representative .<\/p>\n
He threatened that the Auditor General must unfailingly appear before the committee on Tuesday next week or risk forced appearance through invocation of the powers of the National Assembly .<\/p>\n
” The Auditor – General must unfailingly appear before this committee on Tuesday next week or risk invocation of powers of the National Assembly against him , which will lead to forced appearance”, he said .<\/p>\n","protected":false},"excerpt":{"rendered":"
By Our Correspondent The Chairman of Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC) , Dr Mohammed Bello Shehu , disclosed Thursday that Nigeria spent N1.16trillion on fuel subsidy in 2021 just as the sum of N1.20trillion was deducted from the federation crude sales proceeds . The RMAFC boss who stated this in his presentation […]<\/p>\n","protected":false},"author":2,"featured_media":8992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/16361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=16361"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/16361\/revisions"}],"predecessor-version":[{"id":16362,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/16361\/revisions\/16362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/8992"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=16361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=16361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=16361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}