National Petroleum Corporation had not
accounted for the N32 removed as subsidy on
each litre of Premium Motor Spirit (petrol)
sold from January 2012 to September 2013.
It lamented that officials of the NNPC failed
to honour its invitation to give account of
how they managed the accrued fund.
Members of the Senate ad hoc committee on
the Subsidy Reinvestment and Empowerment
Programme raised the alarm after NNPC and
the Central Bank of Nigeria officials failed to
honour an appointment with them on
Tuesday.
A member of the committee, Senator Kabiru
Marafa, said the committee had observed that
over N800bn ought to have accrued for the
SURE-P projects between January 2012 and
September 2013.
According to him, the accrued fund will be
over N800bn based on N32 that is removed
from each of the 25 billion litres of fuel sold
in 21 months.
He said the figure was contained in a letter
dated October 9, 2013 from the Federal
Ministry of Petroleum Resources to the
committee. The letter, he said, was signed by
the ministry's Director of Finance and
Accounts, Mr. Salmanu Faskari.
Marafa said, "The committee had earlier
written the NNPC to ascertain the quantity of
fuel sold from when the subsidy programme
started till date. NNPC gave us the quantity
sold from January 2012 and September 2013,
covering 21 months.
"If you add everything together, it will
amount to about 25 billion litres and if you
multiply 25 billion litres by N32, you get
about N800bn. What SURE-P coordinators
told us when they appeared before us was that
they had so far collected about N300bn since
the subsidy removal regime started.
"The SURE-P team led by Mr. Christopher
Kolade said they were receiving N15bn flat
rate every month. If you multiply 21 months
by N15bn, it will be about N350bn. What we
are even asking is what happened to the over
N500bn difference. That is what we ask the
NNPC to come and tell us.
"We were also disappointed that the CBN was
not here because they are the custodian of
the fund. They should come and account for
how they came about the N15bn they were
remitting every month when it was not the
same quantity of fuel they were selling every
month.
"The figure cannot be a flat rate. Based on the
figure which the ministry supplied, in January
this year, the nation consumed about 1.3
billion litres of petrol but it had dropped to
770, 695, 645 in September 2013."
Chairman of the Senate ad hoc committee on
SURE-P, Senator Abdul Ningi, threatened to
use all legitimate means to bring the affected
officials before the committee.
Source: punchng
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