President Goodluck Jonathan has asked the Nigerian Senate to approve over N161.6 billion supplementary fuel subsidy budget for 2012.
In a letter addressed to the Senate President and dated 5th of December, 2012, he said, The Distinguish Senate President will recall that as part of the 2012 budget framework, a provision of N888.1 billion was made for payment of fuel subsidy for the nation.
I wish to intimate the Distinguish Senate of the fact that following the forensic audit carried out, the provision for fuel subsidy in the 2012 budget was underestimated.
As at now, the sum of N880, 264,243,683.61 billion has been paid out leaving a balance of N7, 735, 756, 316: 39 billion.
“In order to accommodate the outstanding arrears resulting from the forensic audit exercise and the remaining period of the 2012 an additional sum of N161, 617, 364, 911 billion over and above what was programmed in the 2012 framework is required.
“Given the need to maintain a steady flow of petroleum products, especially in the run up to the festive season, it is my hope that the distinguished senators will kindly accord this request their traditional expeditious consideration and approval.”
Last month it was reported that the Nigerian National Petroleum Corporation alerted President Goodluck Jonathan to a looming acute fuel shortage if the Federal Government fails to pay N1.13trn subsidy owed it (NNPC).