2012 Fuel Subsidy Payment Jumps To N1.049trn… As Jonathan Seeks to Pay N161bn for the Remaining19 Days
President Goodluck Jonathan today asked the Senate to approve a supplementary budget of another N161,617,756,316.39 for him to settle outstanding fuel subsidy payments for the remaining 19 days in 2012.
The latest presidential request will bring payments for the controversial fuel subsidy to a total of N1.049 trillion in 2012. Mr Jonathan in a December 5, 2012 letter addressed to Senate President David Mark which was read at today’s plenary, urged the National Assembly to accord the request with the “traditional consideration and approval.”
The President said his request to the lawmakers for the sum of N161.617 billion supplementary budget is to save Nigerians from experiencing any hardship due to scarcity of PMS during the coming christmas and new year celebrations.
The letter reads: “The distinguished Senate President will recall that as part of the 2012 budget framework, a provision of N888.1 billion was made for payment of fuel subsidy for the nation.
“I wish to intimate the distinguished Senate of the fact that, following the forensic audit carried out, the provision for fuel subsidy in the 2012 budget was underestimated. As at now, the sum of N880,264,243,683.61 billion has been paid out, leaving a balance of N7, 735, 756, 316.39 billion.
“In order to accommodate the outstanding arrears resulting from the forensic audit exercise and the remaining period of the year 2012, an additional sum of N161, 617, 364, 911 billion over and above what was programmed in the 2012 framework is required.
“Given the need to maintain a steady flow of petroleum products, especially in the run up to the festive season, it is my hope that the distinguished senators will kindly accord this request their traditional expeditious consideration and approval.
“Accordingly, I hereby forward copies of the supplemental request for the additional payment of 2012.”
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