Piqued by the emerging facts that the kerosene subsidy regime runs outside the statutory national budget, the Senate on Thursday mandated its committee on finance to deeply investigate it with a view to putting a stop to the illegality.
Prior to adjournment of plenary till March 11 to enable relevant committees work on the 2014 budget, the Senate directed various committees to hasten work on the Petroleum Industry Bill.
Also, the Upper Chamber directed the Senator Ahmed Makarfi-led Finance Committee to look deeply into allegations of non-remittance of the controversial $48.9 billion accruing from sales of petroleum products into the federation account by the Nigeria National Petroleum Corporation.
The immediate past Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, initially alleged non-remittance of $48.9 billion oil revenue into the Federation Account by the NNPC.
But, after reconciliation by the relevant government agencies, different figures are now being bandied around – $10.8 billion and $20 billion.
The Senate’s decision to probe the kerosene subsidy and non-remittance of huge oil money was sequel to a motion raised by Senator Babajide Omoworare.
Omoworare had expressed concern over ongoing probe investigation by the Senate committee on finance.
According to him, if the revelation by the Petroleum Products Pricing Regulatory Agency, the Ministry of Petroleum Resources and the Ministry of Finance at the ongoing fianance committee’s investigation are anything to go by, then the current kerosene subsidy scheme is “manifestly illegal, unconstitutional and a brazen breach of the Appropriation Acts passed by the National Assembly as they have been expenditure of public funds in contravention of Sections 80 and 162 (1) of the 1999 Constitution (as amended) and the attendant appropriation act”.
He explained further that “less than 10 per cent of petroleum products outlet across the country sell kerosene at the alleged subsidized rate of N50 per litre, while the general price is not less than N150 per litre.
“Less than 10% of Nigerians benefit from this heartless massive scheme that drains the nation’s treasury, more than double the aggregate annual budget for education, health, roads, security and agricultural sectors, while majority of our populace wallow in poverty at the expense of this few mindless rich cabal network,” Omoworare lamented.
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