The Senate Thursday directed its Committee on Finance headed by Ahmed Makarfi, to investigate the kerosene subsidy regime that is allegedly being funded outside the national budget.
Also, the Upper Chamber asked the committee to probe deeply into the allegation of missing $48.9 billion as revealed by the suspended Governor of Central Bank (CBN), Sanusi Lamido Sanusi.
Before adjourning plenary till March 11, so that the various committees could work on the 2014 budget, the Senate also directed relevant committees to hasten work on the Petroleum Industry Bill (PIB) for passage as soon as possible.
Following a motion raised by Babajide Omoworare, the Senate resolved to probe the kerosene subsidy and non-remittance of huge oil money into federation account by the NNPC.
Omoworare, had expressed concern over ongoing probe investigation by the senate committee on finance.
According to him, if the revelation by the Petroleum Products Pricing Regulatory Agency (PPPRA), Ministry of Petroleum , and the ministry of finance at the ongoing fiancé committee’s investigation are anything to go by, then, , the current kerosene subsidy scheme is “manifestly illegal, unconstitutional and a brazen breach of the Appropriation Acts passed by the National Assembly as they have been expenditure of public funds in contravention of Sections 80 and 162 (1) of the 1999 Constitution ( as amended, and the attendant appropriation act”.
He explained further that “less than 10% of petroleum products outlet across the country sell kerosene at the alleged subsidized rate of N50 per litre, while the general price is not less than N150 per litre.
“Less than 10% of Nigerians benefit from this heartless massive scheme that drains the nation’s treasury, more than double the aggregate annual budget for education, health, roads, security and agricultural sectors, while majority of our populace wallow in poverty at the expense of this few mindless rich cabal network,” he said.
