Between 2017 and 2021, the Economic and Financial Crimes Commission, often known as the EFCC, was able to recover roughly N13 billion in revenues from illicit payments made in accordance with the subsidy regime.
According to a document recently obtained by Bendelnews from the website of the Nigeria Financial Intelligence Unit, NFIU, on the subject of the "National Inherent risk assessment of money laundering in the Nigerian extractive sector," this information can be found.
According to the information provided in the document, "The Economic and Financial Crimes Commission, the agency responsible for the investigation and prosecution of corrupt subsidies in the oil and gas industry in Nigeria, recovered N12,998,963,178.29 as proceeds of illegal payment made within the subsidy regime between 2017 and 2021."
In recent years, Nigeria's fuel subsidy system has been plagued by allegations of unscrupulous practises.
For example, according to the World Bank, boosting gasoline subsidies puts the Nigerian economy at a high risk since payments related to subsidy programmes might have a major impact on public finances and raise concerns about the debt's ability to be sustained.
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