N1.3trn Subsidy Fund: Senate Summons Top NNPC Bosses
Top officials of the Nigerian National Petroleum Corporation (NNPC) will address the Senate soon on how it has used over 1.3 trillion budget recovery fund which is allegedly being managed by just two of its staff.
A Senator from Ekiti State, Abiodun Olujimi, had brought before the Senate on Tuesday something she saw as an anomaly.
Citing a newspaper report, she told the Senate that it was almost certain that the 1.3 trillion Naira was managed by two individuals and that was not correct.
"I bring an issue in today's ThisDay newspaper and it's about $3.5 billion (1.3 trillion Naira) budget recovery fund being used by the NNPC.
"It is earmarked as subsidy recovery fund by the NNPC.
"Mr President since 1999, there has always been a budget for subsidy but this has been jettisoned by the current government which leaves this administration in a dire strait, what is happening is that there is a fund named subsidy recovery fund which is managed by only two individuals of the NNPC, that is the Managing Director and the Executive Director Finance.
"This fund is too huge for two people to manage.
"Right now Mr President the $3.5 billion is managed by just two and this is too huge to be managed without appropriation without any recourse to any known law of the land," she said.
The Senator further reminded the Senate President that during his remarks after the passage of the budget, he had mentioned that there should be a budget for subsidy which should be brought before the National Assembly.
"I urge the senate to cause the Downstream Committee to invite the NNPC to explain why it should be so and what has happened to the funds that have been used so far and the new term recovery instead of subsidy approval," she added.
The topic was greeted with controversies and disagreements that resulted in subtle indictments, but at the end the Senate President, Dr. Bukola Saraki, directed the leader and Chairman of the Committee on Downstream should summon those in the NNPC who were responsible.
The committee is also expected to report back to the Senate on the matter in four days.
Dr. Saraki said he needed the committee to come up with a report that the Senate could debate without entertaining speculation or being partisan.