The Economic and Financial Crimes Commission, EFCC,
recovered approximately N13bn as proceeds from illegal payments made under the
subsidy regime between 2017 and 2021.
In a document recently obtained from the Nigeria Financial
Intelligence Unit, NFIU website on the National Inherent risk assessment of money
laundering in the Nigerian extractive sector.
“The Economic and Financial Crimes Commission, the agency
responsible for the investigation and prosecution of corrupt subsidies in the
oil and gas in Nigeria, recovered N12,998,963,178.29 as proceeds of illegal
payment made within the subsidy regime between 2017 and 2021,” the document
stated.
Fuel subsidy corruption has been an issue of concern in
Nigeria. For instance, the World Bank said that increasing fuel subsidies put
the Nigerian economy at a high risk as subsidy payments could significantly
impact public finance and pose debt sustainability concerns.
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