The Senate had asked its Committee on Finance to investigate the allegations made by the immediate past CBN Governor, Sanusi Lamido,
that the NNPC failed to remit 49.8 billion dollars to the federation account. For awhile now, the controversy have gone down a bit with media attention shifted to other issues, the Senate chose to revisit the allegations and the Chairman of the Finance Committee, Senator Ahmed Markarfi, gave details of the investigation at plenary.
He said that there was never any unremitted 49.8 billion dollars
and the committee did not see how the CBN Governor arrived at
the figure of 49.8 billion dollars in the first place.
The Committee observed that there had been lack of proper and
adequate coordination between the key Government agencies such
as CBN, NNPC, Ministry of Finance and Ministry of Petroleum, FIRS
and the DPR.
Lawmakers then debated the report, but the debate got off on a
rocky start as the recommendation by the committee in its report
that the subsidy regime be totally abolished was shot down by
Before lawmakers voted against the removal of fuel subsidy,
Senate President, David Mark, had called for caution in making the
decision to remove fuel subsidy, warning lawmakers not to pitch
themselves against the public.
Meanwhile, the committee has also recommended that the NNPC
refund and remit 262 million dollars being expenses it could not
satisfactorily defend in respect of holding strategic stock reserve,
pipeline maintenance and management cost as well as capital