Nigeria Senate to Probe $3.5 Billion Spent by State Oil Firm
- Lawmakers are concerned that the funds were not used properly
- Top African oil producer imports most of its refined products
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Lawmakers in Nigeria will investigate $3.5 billion allegedly spent by the state oil firm on gasoline subsidies and expressed concern that the sum was not included in the national budget.
The amount was used by the Nigerian National Petroleum Corp. under a so-called Subsidy Recovery Fund managed only by the NNPC’s managing director, Maikanti Baru, and a senior finance official, according to the senator who brought up the motion Tuesday, Biodun Olujimi.