One of my friends collecting Fuel subsidy money met with a former President and asked him to stop it as they were tired of making money- former Gov Isa Yuguda reveals 

Isa Yuguda, the former governor of Bauchi state, has revealed that the fuel subsidy scam in Nigeria was so lucrative for those involved that one of them had requested a former president to terminate the fuel subsidy because they were tired of profiting from it.

During an interview with Channels TV on June 26, Yuguda disclosed that he chaired a committee in the past that investigated the subsidy regime, and it was through their work that they uncovered the fraudulent practices within the system.

He expressed his sadness in sharing what he witnessed, citing instances where subsidy claims were made for non-existent pipelines. False invoices and paperwork were submitted to claim subsidies for purportedly pumping large quantities of finished products or crude oil, whether from Kaduna or Warri.

When asked if the Nigerian National Petroleum Corporation (NNPC) was involved in the fraudulent claims, Yuguda affirmed it, stating that those benefiting from the subsidy scam manipulated documents and invoices to claim subsidies. He provided an example of a pipeline between Lagos and Warri that never existed, yet substantial amounts of money were collected as subsidies for it.

Addressing allegations that oil marketers were also implicated in the scam, Yuguda confirmed their involvement as well. He further revealed that Nigeria’s subsidy system indirectly subsidized Sub-Saharan Africa and Central Africa because a significant portion of the subsidized products were smuggled out of the country.

Yuguda stated that the report his committee compiled, which implicated the NNPC in the subsidy scam, was submitted to the government, but no action was taken.

He expressed frustration in implementing policies in Nigeria, particularly when powerful interests and a cabal are involved. He cited the issue of bunkering as an example that could be stopped but lacked the necessary political will. He attributed the state of the nation to the influence of various vested interests.

Furthermore, Yuguda shared a conversation with a friend in the oil industry who admitted being tired of making money from the subsidy scam. The friend, a member of the president’s economic team, had advised the former president to remove the subsidy due to his firsthand knowledge of the scam. Yuguda emphasized that the former president is alive today.

When questioned about why the former president did not have the courage to end the subsidy regime after discovering its fraudulent nature, Yuguda attributed it to entrenched interests and potential risks, even to the president’s life.