“House of Representatives to look into loan from central bank and urge President Tinubu to give Nigerians relief after N413 billion in subsidy payments:

The House of Representatives Ad-hoc Committee has launched an investigation into the N413 billion funds borrowed from the Central Bank of Nigeria (CBN) for subsidy payments.

The Committee also asked the Nigerian Government to suspend all Direct Sales Direct Purchase (DSDP) contracts with the subsidy removal, while urging the Nigerian National Petroleum Corporation Limited (NNPCL) to act by the provision of the Petroleum Industrial Act (PIA) to ensure that the country is not sub-changed in production, lifting and sales of crude.

The Adhoc Committee, according to a Daily Trust report, revealed that the investigation into the N413 billion borrowed was to determine whether the amount had been refunded after the passage and assent of the 2015 budget as earlier approved by the President at that time.

Chairman of the Committee, Ibrahim Mustapha Aliyu, who submitted the report to the House during the plenary on Thursday appealed to the government to introduce intermodal, regional and national transport systems to ease mass movement of people across the country as a way to cushion the effects of subsidy removal.

The report partly read: “The House do consider the Report of the Ad–hoc Committee on the Need to Investigate the Petroleum Products Subsidy Regime in Nigeria from 2013–2022 and approve recommendations therein.

“That the Federal Government should immediately design measures and palliatives to cushion the effects of the subsidy removal for Nigerians effective from this year 2023 through the provision and procurement of CNG Busses as an alternative Transport System with Cheaper Fuel Consumption. The government should also introduce intermodal, regional and national transport system to ease mass movement of people across the country.”

It added, “With the subsidy removal, the Federal Government should forthwith suspend all Direct Sales Direct Purchase (DSDP) contracts. NNPCL should act by the provision of the PIA to ensure that the country is not sub-changed in production, lifting and sales of crude

“The Federal Government should as a matter of urgency, liaise with the National Assembly to fashion out critical areas of economic development, which the additional revenue from the proposed subsidy removal will be appropriately utilized.”