PPPRA Failed to Remit N771bn to FG – Sen. Gaya

Petrol
  • PPPRA Failed to Remit N771bn to FG

The Chairman, Senate Committee on Works, Sen. Kabiru Gaya, on Monday chided Petroleum Product Pricing Regulatory Agency for failing to remit the five per cent pump price levy to the federal government.

Gaya stated this in Abuja at the Public Hearing organised by the House of Representatives Committee on Works.

The hearing was on the repeal of the Federal Roads Maintenance Agency Act 2002 and on Federal Roads Authority Bill, 2016 and National Roads Fund Establishment Bill.

The five per cent, according to him, is worth N771bn, which should have accrued since 2007 to government coffer as provided by the FERMA Act.

He said, “The sum of N536 bn accrued from Premium Motor Spirit, N174bn from AGO were to be shared on the basis of 60 per cent to Federal Road Maintenance Agency and 40 per cent to state governments for road maintenance.’”

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Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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