N500bn subsidy proceeds missing – Senate

               
From Vanguard:

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.

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.