N500BN SUBSIDY PROCEEDS MISSING - SENATE

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."