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 development, 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".http://www.vanguardngr.com/2013/11/n500bn-subsidy-proceeds-missing-senate/

Fresh air! No wonder they don't want Buhari, the money was shared to ALL Nigerians!

See the way they are calling the billions. This is why ASUU may never settle for peanuts, they know there is likely to be no change in the next ten years and are ready to grab their own share of the cake.

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Na STELLA ODUAH kyiop am!
How many 'BULLSHYTE-PROOF' BMWs did OBJ receive as 'tax-collector'?

Ystday the senate told us over $1billion is missing from excess crude account and today reps say N500bill is missing from sure-p. What more is left for the henpecked president and his gang of kleptomaniacs to steal Perhaps someday we'd wake up to news that one of our refineries or ports has gone missing! What a course this govt is!

CyberG: Fresh air! No wonder they don't want Buhari, the money was shared to ALL Nigerians!

Nigeria please call the bluff of the Region that insists on this madness and hire Buhari to work for you.

God, Nigerians are insane!

500 billion sure-p, mo Ku. Who will rescue Nigeria, And they claim there's no corruption in Jonathan cabinet. APC my first vote goes to you and if you fu..cked up you won't live long on the throne

Craze-Country...

Now this committee is declaring #500b missing........................Well as for me we can setup another committee to look for the missing money then another committee to bring back the money to the FG Account.........................................:......Na amadioha go kill all those wey dey steal our moni.........God z getting too patient 2dis peepz.


" My LCDA chairman wan buy bulletproof Car,Says some witches are after his life"

N500b isn't missing. The committee members are just angry that NNPC and CBN snubbed their invitation and wants to blackmail them to make an appearance. Note these:

1) N800b has accrued so far

2) Christopher Kolade committee said they have collected 300b unbehalf of federal govt

3) The balance N500b is probably the share that goes to all the States govt's and local govt's including The FCT.

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How relevant is this to the missing 500 billion naira?

500 billion naira.

#500billion, ke?? And the NNPC and CBN don 'eat' d money, abi? OLODO Senator, gan!!... It is only an IGNORAMUS of d 1st rate who do not have a clue bout Govt financial flows, esp as it relates to 'subsidy payments', that wud calculate d diff bw the old and new price (ie, #32), multiply it with d presume amount of petrol sold and expect that the result Must be d amount Govt 'got' from d subsidy removal and so the exact amount that should go to SURE-P!!! If those IGNORAMUS only knew that a Majority of d monies that were used to pay those subsidies b4 d partial removal were actuali BORROWED in d 1st place esp from d local bond market, apart from d normal budgetary allocation for it (which is always inadequate, and part of which is even still borrowed and adds to d budget deficit), they wud have known that the only part of d subsidy difference the Govt actuali Saves, and hence that which is truly available for alternative spending like SURE-P, is d part that Govt budgeted for and already had to pay d subsidy in d 1st place and NOT d part that is been borrowed. A sane person wud not say he is saving monies he is still borrowing. Common Sense, reali.... Anyways, shebi 'they' want Sanusi and Co to come 'explain' to them, faaaa?? I see another thrasing again in d offing.....

Where is beaf?

I fear for d unborn generation of this country, this is d most corrupt administration we've eva had in this country. I dn't knw why some people were too blind to see d true all in d name of tribalism nd religionism . If u dn't ve life or ua tired of ur own, do think abt ur children future. It's high tym to save d future.

.

Na sheet of paper?

Had this been APC related, those hermit crabs would have raided this thread to blackmail and bamboozle the mods into taking it to the fp. Yeye dey smell.

I reserve my comment.

GEJ a president that clearly know what he would like to be remembered for .

my understanding of subsidy is the difference between actual price of a product and the current selling price. what the senators did is to multiply 25billion litres by the difference between 97 and 65. which is wrong. wat they should be looking at is the diffrence between the original price of pms plus associated costs and the pump price of 97 naira. until then this 500 billion is a false alarm. secondly every month the ministry publishes how part of sure p is shared among the three teirs of govt surely it must come from somwhere. this senators are intellectually lazy, let them do a proper job or iweala will expose their ignorance again. haba

Kai, Kai, what a country. This type of news gives me Tommy ache.

Goddex: N500b isn't missing. The committee members are just angry that NNPC and CBN snubbed their invitation and wants to blackmail them to make an appearance. Note these:

1) N800b has accrued so far

2) Christopher Kolade committee said they have collected 300b unbehalf of federal govt

3) The balance N500b is probably the share that goes to all the States govt's and local govt's including The FCT.

We have empty heads in our legislative chambers. It's such a tragedy.

Nigeria i so love this country,one day an alarm will be raised that everybody in Nigeria is missing by the time the money to launder ends and human laundering begins

,Dat feeling you have when you dont know whether to cry or laugh at such news.smh

I have said it that subsidy removal is never a problem but what they are going to do with the money accrue from such. SURE-P should be about re-investing in people from the fund made through them. Instead of that, these goats (leaders) are pocketing our money. Nigeria will forever be backward until Nigerians are read to fight the goats in the leadership positions.

Na wah, abeg any nairalander wey d money reach him hand.

Pls contact me sharp sharp.
I need to taste small of our national cake na! Wetin!

Why my own different

nedu666: my understanding of subsidy is the difference between actual price of a product and the current selling price. what the senators did is to multiply 25billion litres by the difference between 97 and 65. which is wrong. wat they should be looking at is the diffrence between the original price of pms plus associated costs and the pump price of 97 naira. until then this 500 billion is a false alarm. secondly every month the ministry publishes how part of sure p is shared among the three teirs of govt surely it must come from somwhere. this senators are intellectually lazy, let them do a proper job or iweala will expose their ignorance again. haba

Have you forgotten that fuel subsidy still features like never before in Nigeria budgets since its purported removal?

Goddex: N500b isn't missing. The committee members are just angry that NNPC and CBN snubbed their invitation and wants to blackmail them to make an appearance. Note these:

1) N800b has accrued so far

2) Christopher Kolade committee said they have collected 300b unbehalf of federal govt

3) The balance N500b is probably the share that goes to all the States govt's and local govt's including The FCT.

The same state governors and council chairmen that have been cursing FG for owing them 3months of allocation. A situation where the governors get 1/2 to 2/3 of their allocation since Jan. In which Oshiomole made us known the situation is strange and that has never happened before in the history of Nigeria. Some state are now borrowing to pay their workers salary.