The Senate yesterday said it will probe the Petroleum Products Pricing Regulatory Agency (PPPRA) over non remittance of N634billion to the Federal Roads Maintenance Agency (FERMA).
The law establishing FERMA stipulates that five percent charge on each litre of petrol be remitted to the agency for road repairs. The amount spanning 11 years was put at about N634bn by a Senate panel last year.
Chairman of the Senate Committee on FERMA, Magnus Abe (APC, Rivers) said he would seek for the mandate of the Senate to investigate the non remittance of the revenue.
“The agency has only received the fund once since the law has been made. The funding of federal roads was taken consideration when the fuel price was agreed upon. The money is collected from Nigerians; everybody gets their own shares except FERMA. Who is taking the money? We don’t know before now.
“We are going to seek clear mandate to investigate what has happened to the fund, this is not the question of taxation but the money that has been collected that would end in an unknown destination. We will use legislative means to find out how this money is being collected and who collected it,” he said.
Acting Managing Director of FERMA, Nurudeen Rafindadi said the agency owes contractors over N15.7bn.