President Goodluck Jonathan Sacks Nigeria Oil Bosses | The Galactic Free Press

Many Nigerians who are fed up with high-level
fraud revealed in the fuel subsidy scam.

Nigeria's President, Goodluck Jonathan, has sacked the managing director and several other executives of the state oil company, NNPC.

A statement said the action had been taken in the interests of "greater transparency and accountability".

Nigeria is one of the world's biggest oil producers, but the sector is widely seen as being plagued by corruption.

A recent report by legislators found $6.8bn (£4bn) had been lost to fraud in the past two years.

'Strengthening reforms'

The fuel sector probe was set up in the wake of angry nationwide protests in January after the government tried to remove a fuel subsidy.

Oil accounts for some 80% of Nigeria's state revenues but it has hardly any capacity to refine crude oil into fuel, which has to be imported.

Nigerians regularly have to queue for hours to buy fuel.
 

The government subsidises the cost of fuel and had said this cost the country $8bn in 2011.

 

To read the rest of this story, visit http://www.bbc.co.uk/news/world-africa-18606614

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