The Chairman, House Committee on Petroleum Resources (Downstream), Peterside Dakuku, has expressed dissatisfaction with the present performance of the Petroleum Products Pricing Regulatory Agency’s (PPPRA) subsidy regulation.
Dakuku, according to a statement from PPPRA in Abuja when the committee paid an oversight visit to the PPPRA headquarters, said: “As we intend to commend you, we say we are still not satisfied; we are not where we ought to be. There is still more work to be done to ensure that we bring subsidy to the best that it is supposed to be.”
However, the Rep’s Chairman commended the PPPRA for saving N409bn subsidy claims in 2012.
He said the agency’s efforts in saving N409bn in subsidy claims in 2012 and the reduction in petroleum products’ consumption volume from 60.25 million litres a day in 2011 to 33.66 million litres in 2012 were commendable.
In the statement, Dakuku was quoted as saying, “We can clearly see that the agency has put its efficiency to work to save such enormous amount in one year and this is deeply commendable. Our prayer is that you sustain the tempo. It is good to ensure that Nigeria enjoys maximum gain from the subsidy we pay.”
The chairman urged the agency to do more, stressing that it was the responsibility of the lawmakers to ensure that Nigerians enjoyed value for every kobo paid on subsidy.