The Economic and Financial Crimes Commission, EFCC, recovered approximately N13bn as proceeds from illegal payments made under the subsidy regime between 2017 and 2021.
Reports state this in a document recently obtained from the Nigeria Financial Intelligence Unit, NFIU website on the National Inherent risk assessment of money laundering in the Nigerian extractive sector.
“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,” the document stated.
Fuel subsidy corruption has been an issue of concern in Nigeria. For instance, the World Bank 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.