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Former governor of Bauchi State and ex-minister of Aviation, Isa Yuguda, has reiterated that the subsidy on fuel products in Nigeria is a scam, with a few people siphoning the country’s financial resources at the expense of the masses.
During an interview on Channels Television’s Sunrise Daily, Yuguda recounted an incident where a friend in the oil industry had told the then-president to stop the subsidy, saying they were tired of making money.
He also highlighted that half of the fuel brought into Nigeria is exported out of the country by those collecting money for it, and that invoices are created for pipelines that do not exist.
“I remember a friend of mine in the oil industry, who during a meeting of an economic think tank. He called the then president aside and said, ‘Mr President please stop this subsidy, we are tired of making money.
“We’re bringing in this fuel at an elevated cost and half of it is exported out of Nigeria by the same people collecting money for it.
“Subsidy was claimed on pipelines that never existed. Invoice is created and NNPC just pays”
Yuguda called for the prosecution of those involved in the subsidy scam and noted that the scam has grown since 2009 when a committee he headed uncovered it and drew the government’s attention to it.
He also suggested that former President Muhammadu Buhari must have known about the scam since he was the president and minister of petroleum.
This article was updated 10 months ago
