President Muhammadu Buhari on Tuesday blamed previous administrations for the current ugly situation in which the country is being cheated out of billions of naira every year for alleged oil subsidy claims.
The president expressed his disappointment over the way Nigeria's oil industry has been run in the last decade plus, saying that if development of refining capacity and petroleum products distribution network had kept pace with national demand, there would have been no need for the massive subsidies being presently paid to importers.
Buhari also said that the country's refineries, oil pipelines and related infrastructure were deliberately neglected for oil subsidy payment and its associated corruption to thrive.
“They allowed the infrastructure to collapse so that their cronies can steal by bringing in refined products from overseas,” he said.
He stressed that Nigeria National Petroleum Corporation, NNPC, which illegally retained all or parts of its revenues in the past, must now comply with the Nigerian constitution by paying all of its revenues into the Federation Account. He warned that severe sanctions would be meted on anyone who violates the directive.
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