The Senate on Tuesday said the Nigerian National Petroleum Corporation had not accounted for the N32 removed as subsidy on each litre of Premium Motor Spirit (petrol) sold from January 2012 to September 2013.

It lamented that officials of the NNPC failed to honour its invitation to give account of how they managed the accrued fund.

Members of the Senate ad hoc committee on the Subsidy Reinvestment and Empowerment Programme raised the alarm after NNPC and the Central Bank of Nigeria officials failed to honour an appointment with them on Tuesday.

A member of the committee, Senator Kabiru Marafa, said the committee had observed that over N800bn ought to have accrued for the SURE-P projects between January 2012 and September 2013.

According to him, the accrued fund will be over N800bn based on N32 that is removed from each of the 25 billion litres of fuel sold in 21 months.

He said the figure was contained in a letter dated October 9, 2013 from the Federal Ministry of Petroleum Resources to the committee. The letter, he said, was signed by the ministry’s Director of Finance and Accounts, Mr. Salmanu Faskari.

Marafa said, “The committee had earlier written the NNPC to ascertain the quantity of fuel sold from when the subsidy programme started till date. NNPC gave us the quantity sold from January 2012 and September 2013, covering 21 months.

“If you add everything together, it will amount to about 25 billion litres and if you multiply 25 billion litres by N32, you get about N800bn. What SURE-P coordinators told us when they appeared before us was that they had so far collected about N300bn since the subsidy removal regime started.

“The SURE-P team led by Mr. Christopher Kolade said they were receiving N15bn flat rate every month. If you multiply 21 months by N15bn, it will be about N350bn. What we are even asking is what happened to the over N500bn difference. That is what we ask the NNPC to come and tell us.

“We were also disappointed that the CBN was not here because they are the custodian of the fund. They should come and account for how they came about the N15bn they were remitting every month when it was not the same quantity of fuel they were selling every month.

“The figure cannot be a flat rate. Based on the figure which the ministry supplied, in January this year, the nation consumed about 1.3 billion litres of petrol but it had dropped to 770, 695, 645 in September 2013.”

Chairman of the Senate ad hoc committee on SURE-P, Senator Abdul Ningi, threatened to use all legitimate means to bring the affected officials before the committee.

http://www.punchng.com/news/n500bn-sure-p-fund-missing-senate/

Just as expected!
Nothing surprises me anymore in this country!


Nigeria

Unbelievable but BELIEVABLE!
i could remember how it all started
when i use to buy "full tank" for N 2,500 -N 3,000.
and as we were thanking God for seeing new year, news came to us.
NOW - Money missing.
I just don't understand the good that mr goodluck and his working team brought to us.
will all these mess ever come to an end in this country.
I weep for this nation where the Rich become richer and poor - poorer.
God is watching us!

Somehow they manage to convince Nigerians that petroleum subsidy is the amnesia. They said the savings would be used for something called SURE-P. I wondered if SURE-P was another name for all the malfeasance bedeviling this nation. They told us that Nigeria is broke, so they cannot fulfill their part of the agreement to meet ASUU demands and salvage Nigeria's education system. Now billions are missing. My argument against the subsidy was that if the government could not manage the huge funds that accrued to it without the subsidy, any future monies accruing from increment in petroleum prices would be mismanaged too. The corruptions keeps getting worse. 500 billion Naira is beyond even the biggest company in the world, thats roughly 2.5 billion dollars. If the presidency mismanaged 500 billion naira, that means it cannot remove the pecks in other people's eyes. This is just overwhelming. Let's see how it unfolds. Until Yakubu and Sanusi speaks, I will keep my fingers crossed.

When will the masses do something drastic about the rate of corruption in this government.... why is our president turning deaf hears to all this alleged corruptions..this dispensation may end up as the most corrupt in the history of Nigeria..so sad..

People are avoiding this thread like a plague. Mods, front page jor!

For how long shall we continue to import petroleum products in this country? I'd rather the subsidy is been reinvested into our local refineries and may be build additional ones, so that there won't be any need to subsidise anymore.
SURE-P is a failure already.

Wetin no go miss for this country. One day we'll all wake up and people in Abuja will be thrown into confusion because also rock is missing.

SENATE:::::::::::Where is the missing #500b accrued from oil subsidy between January 2012 and September 2013, we learnt it only #300b that has just been remmitted out of #800b



NNPC:::::::::::::::::I'm so surprised that you can be asking for this money again sir, afterall, you all know where the money went to.


SENATE:::::::::::::::Where did the money go to


NNPC::::::::::::::::::: Our pockets sir!


SENATE::::::::::::::::What do you mean

NNPC:::::::::::::::::::We mean all the money filled "ghana must go" bags you use to go home with every weekend are from this source.

SENATE::::::::::::::::::NOOOO, tell me another lie, isn't this money meant for SURE-P project

NNPC:::::::::::::::::Sir, but me and you know that, there is nothing called SURE-P sir, we (me, you and FG) only used that to shut Nigerians' mouth up, during oil subsidy saga,it is our pockets that SURE PASS sir.


SENATE:::::::::::::::::: Ok, ok, where is the remaining money, so that we can say something to the populace


NNPC::::::::::::::::: Ha! Oga senate, we too don share am, we also have families that are expecting us to bring something home now.


SENATE::::::::::::::::What do we do or say now



NNPC::::::::::::::::Suspend the issue till we're able to get some other money to declare to Nigerians.



SENATE::::::::::::::::::::No, we cant just keep quiet like that, we have to say something about it.


NNPC::::::::::::::::::::: Ok then, tell them the money is missing, and threaten to fish out/punish all those who are involved, afterall, they cant get anyone to arrest fot it, though, initially, they may make noise about it, but after 3/4 days, they'll forget about it.


SENATE::::::::::::::::::::::: That's a better idea, that's what we are doing right away, and where is the CBN, the custordian of the money?

NNPC:::::::::::::::::We are one, we have answered for the too.







##blamethisonmykidwhorefusetosleepanddidntallowmetootosleep##

na them share am.

Corruption is the capital of Nigeria if you may ask
Its the order of the day

500bn!!!!!!!!! Good God. And this same people have the nerves to even seek re election 2015..naija is finished