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Nigeria loses $2bn annually to fuel subsidy scam – Saraki



The former Senate President, Bukola Saraki, said on Wednesday Nigeria loses $2 billion annually to a fuel subsidy scam.

Saraki, who stated this when he met members of the Peoples Democratic Party (PDP) Board of Trustees on his 2023 presidential bid, added that the country loses $3.5billion annually to oil theft.

He also revealed that 70 million litres of fuel are stolen in the country daily.

Saraki claimed that the Nigeria National Petroleum Corporation (NNPC) did not contribute anything to the Federation Account Allocation Committee (FAAC) in the last few months.

He promised to end oil theft in the country if elected as President in 2023.

President Muhammadu Buhari had recently requested the National Assembly approval for the increase in fuel subsidy this year to N4trillion.

Saraki said: “The economy is weak. No. The country is broke. I am not exaggerating.

“As of today, NNPC does not contribute anything to the Federation Account. At least 70 percent of our oil is being stolen. It has never been like this before. I am saying this because I know you know it is bad but it is worse than you can imagine. Because there are some of us that have an idea of how bad the situation is.

READ ALSO: Nigeria to use $2.2bn Eurobond cash for fuel subsidy payments

“I cannot be a President and I will be having the kind of theft that is going on in the Niger Delta, depriving hundreds of millions for Nigeria. Today we are losing $3.5b because of the oil theft happening.

“When I was a Senator, I raised a motion, the motion cost me because after I raised the motion, I was invited to EFCC but I still fought for what I stood for, that what we’re spending on fuel subsidy is fake.

“I raised a motion that we are consuming 30 million litres a day. After I raised it, it came down to 25 million litres. By my action we saved $500 million for this country. Today, they are stealing 70 million litres per day. The day with your grace, I’m elected President, that will stop in this country. We will save over N2 trillion.

“Do you know what N2 trillion will do for our schools, our education and our health? This is a time for us to find somebody that has what it takes to lead this country.”

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