The Chairman of the Presidential Task Force on Petroleum Revenue and
former Chairman of the Economic and Financial Crimes Commission (EFCC),
Mallam Nuhu Ribadu, has passed a vote of no confidence on the Petroleum
Products Pricing Regulatory Agency (PPPRA), saying the agency has failed
in its regulation of Nigeria’s downstream petroleum sector.
Ribadu, in his assessment of the administration of funds earmarked for
subsidy on petrol under the Petroleum Support Fund (PSF), which is
statutorily managed by PPPRA, stated that the agency could not have
claimed ignorance of the underhand dealings in the scheme.
He stated that officials of PPPRA could not lay claims to being
innocent of the sustained corruption in the administration of funds
under the PSF scheme, adding that the agency should be held responsible
for the high-profile financial mess within its domain.
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