The Senate says it has uncovered a N120 billion difference in the subsidy paid by the Petroleum Products Pricing Regulatory (PPPRA) to the Independent Petroleum Marketers Association of Nigeria (IPMAN) in 2016.
The discovery was made in the 2016 report of the Auditor-General of the Federation being considered by the Senate Committee on Public Accounts.
It said the amount reflected in the Federation Account Allocation Committee (FAAC) was N443 billion as against the N563 billion showed in the record presented by the PPPRA.
However, the National President of IPMAN, Elder Chinedu Okoronkwo, told the committee that the union has over 50,000 members across the country adding that the agency did not know the real beneficiaries of the N80 billion differential.
Committee Chairman Senator Matthew Urhoghide has therefore invited the PPPRA to provide the list of the beneficiaries for IPMAN to respond to issue raised in the query.
The Auditor-General said that from the records of PPPRA, it was discovered that N121 billion was paid as outstanding subsidy to oil marketers for 117 transactions in 2014.