Chairman, Senate Committee on Works, Sen. Kabiru Gaya, on Monday said the Petroleum Product Pricing Regulatory Agency, PPPRA, failed to remit the five per cent pump price levy to the federal government.
Gaya spoke in Abuja at the Public Hearing organised by the House of Representatives Committee on Works.
The hearing was on the repeal of the Federal Roads Maintenance Agency Act 2002 and on Federal Roads Authority Bill, 2016 and National Roads Fund Establishment Bill.
Gaya stated that the five per cent is worth N771bn, which should have accrued since 2007 to government coffer as provided by the FERMA Act.
“The sum of N536 bn accrued from Premium Motor Spirit, N174bn from AGO were to be shared on the basis of 60 per cent to Federal Road Maintenance Agency and 40 per cent to state governments for road maintenance”, he said.
Meanwhile, a former PPPRA Chairman, Rasheed Gbadamosi, has expressed doubts over the possibility of President Muhammadu Buhari led administration to take Nigeria out of recession.