Nigeria fuel subsidy graft cost the country $6.8 billion in 3 years, parliamentary probe finds - @Reuters

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• ABUJA, April 19 (Reuters) - Mismanagement and theft by top Nigerian officials involved in a corrupt fuel subsidy scheme cost the country $6.8 billion in three years, a parliamentary probe found, calling on President Goodluck Jonathan to overhaul the...
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ABUJA, April 19 | Thu Apr 19, 2012 3:38pm BST

ABUJA, April 19 (Reuters) - Mismanagement and theft by top Nigerian officials involved in a corrupt fuel subsidy scheme cost the country $6.8 billion in three years, a parliamentary probe found, calling on President Goodluck Jonathan to overhaul the state oil firm and ministry.

Nigeria tried to end gasoline subsidies on Jan. 1, but a week of public protests forced the government to partially re-instate the payments, seen as a massive drain on its budget.

The report filed late on Wednesday said the state oil firm, private marketers and the regulator owe a combined 1.07 trillion naira ($6.8 billion) in unpaid debts to the government and that the state oil firm owes oil trading companies some $3.5 billion.

It recommended the state oil firm be overhauled.

(Reporting by Camillus Eboh and Joe Brock; Editing by Tim Cocks and James Jukwey)

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