[size=13pt]Senate to probe NNPC[/size]

The Senate is set to investigate how the Nigerian National Petroleum Corporation (NNPC) spent N771 billion on fuel subsidy.

The fund spent by the Federal Government between January and August this year, is far above the N240billion allocated for that purpose in the 2011 Appropriation Act.

This is contained in a motion to be moved by a former Governor of Kwara State, Senator Bukola Saraki at plenary today.  The Federal Government has so far spent N931billion this year on fuel subsidy.

The motion, which is contained in the Senate notice paper, stated that N771billion is 700 per cent above the budgeted sum. Saraki contended that if the current rate of expenditure is allowed to continue, N1.2 trillion would have been spent by one agency of government as at December, this year, which would exceed the total capital budget of N1.1 trillion for the 2011 fiscal year.

Saraki planned to seek  Senate’s permission to set up a committee to investigate how the funds were sourced, saying he feared it may have been misappropriated.
He further expressed worry that the first three months of the year, both NNPC and Independent Marketers did not exceed N62billion monthly, but wondered that within the last three months, figures have ranged between N159 billon and N186 billion.

The notice reads in part: “A motion to investigate the current fuel subsidy management and consider the challenges it pose to the implementation of this year’s budget.
“The Senate notes that the Federal Government operates a fuel subsidy scheme to make petroleum products available and cushion the effect of the true market prices of petroleum products on the populace.

“Recognising that the fuel subsidy scheme is a long standing government palliative action to help the Nigerian masses, this motion does not aim by any guise to remove the fuel subsidy. “Recognising in the meantime, the need to make the scheme more transparent, corruption free and competitive within an appropriate legislative framework and in compliance with the Appropriation Act.”

It further added that the Senate, “notes that in furtherance to the implementation of the fuel subsidy,an amount is budgeted in the Appropriation Act. In 2011, the sum of N240 billion (N20billion monthly) was allocated.

“Note that the N20billion monthly allocated, N11.2billion was allocated for Domestic Fuel Subsidy (NNPC) and N8.8billion for Domestic Fuel Subsidy (Market) as stated in the Appropriation Act 2011.

“Observe that although N20 billion was set aside for subsidy monthly in the Appropriation Act 2011, in August 2011, the total figure expended was N165 billion of which NNPC was N88 billion and Independent Marketers was N77.7 billion.

http://www.thenationonlineng.net/2011/index.php/business/19606-senate-to-probe-nnpc.html

Lol!

Many "owner of Nigeria" arses are about to get burnt!

lets see who will have to resign this time. we can all remember the outcome of the last audit which was touted by the gej apologists as a sign of change

240 billion was budgeted for all of the the year, but so far 931 billion has been spent? Of this 771 spent by NNPC? So which other branches of government could have spent the difference (931-771)?

Anyway, ignoring that discrepancy, I still don't get it. Where did the extra money come from? Who authorized the spending?

Very strange

Can 771Billion disappear and the Presidency know nothing about it? And if they do, obviously, nothing will come from this probe except maybe another 100 Billion being used to quieten the legisators currently making noise!

Except of course the idea is to indict GEJ for corruption and impeach him - which as we all know is not the PDP way! What they will rather do, is request their share of this pie!

Nonsense, Big Big Nonsense, I laff

i thought some news earlier this week insinuated NNPC makes fat (monthly) emoluments to the Senate leaders, probe koh, probe ni. I refuse to be deceived

Flying a kite for fuel 'subsidy' removal.Simple argument:d nation cannot afford to spend N1trillion a year to subsidise fuel,so let d prices go up,anybody dt blives any genuine probe wi b done by d senate must b in dreamland

Another day,another probe.Ok na

After probing what next? The people are getting tired of this government magic.

nigeria never short of bad news, every new day brings new bad news. oh oh nigeria who will deliver us from our leaders,

They are fighting for their pockets not the nation. Where is the source of his data? AGF or NNPC.

the caption should have been: SENATE SET TO LEGALLY REQUEST FOR SHARE OF FUEL SUBSIDY LOOT FROM NNPC.

I know gej will not complete is term.

They are fighting for their pockets not the nation. Where is the source of his data? AGF or NNPC.

the caption should have been: SENATE SET TO LEGALLY REQUEST FOR SHARE OF FUEL SUBSIDY LOOT FROM NNPC.

;Dpaddy paddy govt

chei compare the two 20b and 165b the difference of 145b is missing only in august. Why not give licence private refining of the product. Wit that amount u can create jobs for about 500,000 youths

"Senate set to probe", Abegi!!! Thief dey catch thief? *hisses in annoyance*

Nofin is going to happen after the investigations he gets his own share thats that, naija Cake u knw as e de gooooo!

Human government with their many troubles.
man-where to?
Every country suffers one or the other. Nigeria suffers No---?
Libya--war
USA----natural disasters, fear, depreciating economy
Nigeria----Stories of corruption, natural disaster, civil unrest, economic hardship, poverty, untimely avoidable deaths,
Liberia-----Fear of crime, uncertainty, poverty,
India------- Fear of terrorist attack,
Japan-------Multiple Natural disasters
China-------Over population, natural disasters,
Syria-------- Plenty wahala, unrest, deaths without mercy
Europe------ Economic uncertainties, joblessness

These people are just regaling Nigerians with their mindless looting spree! It looks like Nigerians are used to the stories of looting and plundering because this kind of wicked stealing should be enough to provoke an unrest. Just imagine - the total capital budget for the whole country is N1.1 trillion and some people have allegedly but mysteriously embezzled N771billion!

What kind of country is this? And these are individuals who would shout 'Jesus' or 'Allah' at the drop of a hat. They are so full of religion yet they are not godly.

By the way, the Senate investigators should remember that we are yet to be told of the final outcome of the $16billion power probe.

Pukkah:

These people are just regaling Nigerians with their mindless looting spree! It looks like Nigerians are used to the stories of looting and plundering because this kind of wicked stealing should be enough to provoke an unrest. Just imagine - the total capital budget for the whole country is N1.1 trillion and some people have allegedly but mysteriously embezzled N771billion!

What kind of country is this? And these are individuals who would shout 'Jesus' or 'Allah' at the drop of a hat. They are so full of religion yet they are not godly.

By the way, the Senate investigators should remember that we are yet to be told of the final outcome of the $16billion power probe.

^^^ On the bolded, you go wait tire!!!

NIGERIA-IN-OUR-POCKETS PLC

Hmmmmmmmmm the last time i check the meaning of probe in Nigeria
its mean

Pass. Release money. Order. Bank Enter my account