The National Assembly through its various probe panels has succeeded in unearthing various alarming facts about the high level of corruption and mismanagement of public funds and flagrant abuse of office by people entrusted with such trusts. Many Nigerians are still unimaginably shocked by the recent alarming revelations from the legislative probe into the management of pension funds and that of the Nigerians Stock Exchange, where hundreds of billions of naira were embezzled by top ranking officers entrusted with the responsibility of managing those institutions..
However, the report of the House of Representatives Ad-hoc committee on Fuel Subsidy Management submitted to the house last Wednesday, which exposed various fraudulent activities in the management of the subsidy funds by the relevant authorities to the tune of over a trillion naira, was particularly disturbing. The report established that the Nigeria National Petroleum Corporation (NNPC), Petroleum Products Pricing Regulatory Agency (PPPRA) and several Oil Marketers and Companies were found to have been engaged in a gross abuse of the petroleum subsidy fund, looting more than one-fourth of the nation’s 2012 budget between 2009 to 2011. In its recommendation, the committee chaired by Hon. Faruk Lawan has recommended for the immediate refund of the looted sum by the NNPC and other parties involved. It has also directed the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC) to undertake a comprehensive investigation and subsequent prosecution of all the institutions and individuals found to have committed the offence which cost the nation trillions of naira, with the speaker of the House, Aminu Tambuwal directing that copies of the report be made available to all members of the House for through deliberations and subsequent appropriate legislative actions.
Findings of the Petroleum Subsidy Management Probe committee have supported previous allegations of widespread corruption in the nation’s oil sector, by several Nigerians and which were more loudly made during the January Fuel Subsidy removal saga. It also re-enforces the opinion of many Nigerians that the much talked about subsidy is merely a hoax, because the funds allocated for that purpose were being siphoned by a cabal. The report further confirms the fears expressed by many Nigerians that even if government removes the subsidy on petroleum products, the saved funds would not translate into any meaningful development since it would still be cornered by the same people, who are being accused of looting the subsidy funds.
Similarly, the Faruk Lawan Committee report shows clearly that corruption in the oil sector is so noticeable and frightening that the lawmakers could easily identify the fraudulent activities that have become dominant in the sector. Also findings of the report clearly show that the much talked about cabal, the members of which siphon and embezzle the subsidy funds is indeed a reality.
No doubt, these revelations pose a great challenge to all stakeholders in the fight against corruption, especially the EFCC and the ICPC. They are much more expected to brace up and ensure that thorough investigation and diligent prosecution of any corrupt individual or organisation are carried out. Also, as recommended by the Subsidy Fund Management report, there is the urgent need for the unbundling of the NNPC and the overhaul of its management and board, in order to successfully check the corruption in the industry. There is also the need for an overhaul of the nation’s judiciary, with a view to making it more effective in handling corruption cases.
While commending the committee in particular and the House of Representatives in general for its effort, which has now resulted in such disturbing revelations, it is also imperative to support the committee’s call for the speedy passage of the Petroleum Industry Bill (PIB). There is every reason for Nigerians to believe that the passage of the bill will tremendously help in curbing corruption in the oil sector.
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