The Senate on Thursday kicked against the proposal of its Committee on Finance probing alleged unremitted $49.8 billion asking for the removal of fuel subsidy.
Although the Upper Chamber approved other aspects of the report of the committee, it insisted that removing fuel subsidy will create issues in Nigeria.
It would be recalled that in September last year, the former Governor of Central Bank of Nigeria, Malam Sanusi Lamido Sanusi, now the Emir of Kano, had in a letter written to President Goodluck Jonathan alleged that the Nigerian National Petroleum Corporation did not remit $49.8 billion into the Federation Account as part of the nation’s oil proceeds between January 2012 and July 2013.
However, the lawmakers unanimously adopted the recommendations, which directed NNPC to remit $927 million into the Federation Account as recommended in the report.
The breakdown of the monies to be remitted into the Federation Account by the NNPC, according to the adopted report, are $447.817 million, being balance of Royalty and Petroleum Profit tax the Nigerian Petroleum Development Company; $218.069 million, being the balance of $2.4 billion oil Gross Lifting under third party financing that the NNPC could not account for; and the $262 million expenses NNPC could not satisfactorily defend in respect of Holdings Strategic Stock Reserve, Pipeline Maintenance and Management Cost and Capital Expenditure.
The Senate also in the adopted report mandated the committee to follow up and receive the forensic audit/checks report from the Auditor-General of the Federation and the PWC, study it and report back to the Senate.
The Senate President, David Mark, in his remarks on the recommendation, said: “We shouldn’t pitch ourselves against the public opinion.
“If oil subsidy is to be withdrawn, there should be long public enlightenment of Nigerians on the need for it and since public opinion should count first on any issue, the Senate cannot in anyway stand against such an opinion, which is in total support of oil subsidy.”
Part of the approved recommendations of the committee was the need for the National Assembly to expeditiously pass the Petroleum Industry Bill as a way of sanitizing the sector holistically.
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