The Economic and Financial Crimes Commission records recovery worth N13bn as proceeds from illegal payments made under the subsidy regime between 2017 and 2021.
This was discovered from the website of the Nigeria Financial Intelligence Unit on the National Inherent risk assessment of money laundering in the Nigerian extractive sector.
The document read, “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.”
Fuel subsidy corruption has been a controversial issue in Nigeria for years and reports such as this are only a confirmation of what the World Bank recently published.
The global financial institution 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.