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On Tuesday, the senate said the Nigerian  National Petroleum Corporation had not given account for the N32 removed as subsidy on each petrol sold from January 2012 to September 2013.

It also said that officials of the NNPC failed to appear before it to give account of how the accrued fund were managed.

The alarm was raised by members of the Senate ad hoc committee on the Subsidy Reinvestment and Empowerment Programme 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, the accrued fund for the SURE-P project between January 2012 and September 2013 will be over N800bn, based on N32  that is removed from each of the 25 billion liters of fuel sold in 21 months.

Senator Kabiru 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 to 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 start of subsidy removal.

“The SURE-P team led by Mr. Christopher Kolade said they were receiving N15bn flat rate every month which if multiplied by 21 months, it will be about N350bn.

What has 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. In January this year, the nation consumed about 1.3 billion liters 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.
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