Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has alleged that members of a cabal were enriching themselves with susbidy payments before it was removed by the federal government.
Kyari who said this in an Hausa programme on Liberty FM, Kaduna, insisted that fuel subsidy was not beneficial to the masses and was removed because it was characterised by fraudulent activities.
The NNPC GMD also disclosed that the money from subsidy payment will now be channeled into projects that will have a direct impact on the masses.
“The crude oil is a global commodity and its price is not hidden, everyone can calculate and know how much is the cost of every final product from the crude at the international market. But, since the inception of oil importation, the government has been paying subsidy on petrol to make it cheaper for Nigerians to buy below the cost price.
“This subsidy is designed to assist Nigerians, that is the intention. But in…
Source: Linda Ikeji