N500 Billion Missing From SURE-P Funds – Says Senator

Nigeria SenateSen. Kabiru Marafa, a  member of the Senate Ad-hoc Committee on the Subsidy Reinvestment and Empowerment Programme raised an alarm on Tuesday that NNPC could not account for a missing N500bn from the partial removal of subsidy by the Federal Government on the amount of petroleum products imported since the year 2012.

Instead of remitting the N32 per litre subsidy removal, they remitted N12.60 per litre which amounts to just N300 billion instead of N800 billion.

According to Sen. Marafa, he said “Now, if you multiply 25 billion by 32, you get about N800 billion, and what SURE-P told us when they came here when we invited them, they told us that they collected about N300 billion at 15 billion flat rate per month.”

“So if you multiply 21 by 15 billion, you will get about 315 billion. So what we are talking about is the amount involved which is 500 billion, where is it? That is what we wanted NNPC to tell us,” he also said.

This is a questionable thing, but no officials from NNPC were around that this meeting nor the minister of Petroleum Resources, Alison-Madueke nor Finance minister, Ngozi Okonjo-Iweala nor the CBN governor, Sanusi Lamido  even after the senate had send invitations to them.

The non-appearance of these people at the meeting says a lot but the senate committee and it got them angry. So they promise to send another invitation to these set of people.


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