N500bn subsidy proceeds missing – Senate

N500bn subsidy proceeds missing –
Senate
on november 06, 2013 at 1:20 am in news
By JOHNBOSCO AGBAKWURU & JOSEPH ERUNKE
ABUJA — THE Senate ad-hoc Committee on
Subsidy Reinvestment and Empowerment
Programme, SURE-P, yesterday, raised alarm that
N500 billion realised from the subsidy programme of
the Federal Government was missing.
The committee said the amount was part of the
N800 billion said to have been realised between
January 2012 and September 2013 from the 25
billion litres of petroleum sold by the Nigerian
National Petroleum Corporation, NNPC, within the
period.
Infuriated by the develop-ment, the Senate Special
Committee threatened that it may recommend the
scra-pping of SURE-P, which it noted, had become
a drain pipe.
It further frowned at the alleged lack of
transparency and accountability in the management
of the programme, a development, it said, was
contrary to the original concept of SURE-P.
The Senator Abdul Ningi-led Senate Ad-hoc
Committee on SURE-P, decried alleged nonchalant
attitude and lack of respect for constituted authority
by the Minister of Petroleum Resources, Diezani
Alison-Madueke; Governor of Central Bank of
Nigeria, CBN, Sanusi Lamido Sanusi and the Group
Managing Director of NNPC, Andrew Yakubu, for
snubbing its invitation to appear before it and
explain certain issues.
The committee equally stated that going by
available records, about N300 billion had been
released to SURE-P, while only N207 billion was
spent without proper accounting for the balance of
N 93 billion.
Chairman of the committee, Senator Ningi, said:
“Today, again, we sat here glued to our sits for over
one hour, awaiting the arrival of the officials of
NNPC or their agents and the Central Bank or their
agents.
“As we speak, we sent letters of invitation to both
agencies, which were duly acknowledged.
“I have been a member of the National Assembly
right from inception and I have never seen this kind
of impunity and disregard for constituted authority.”