Monday, February 20, 2012

Subsidy arrears: N'Assembly may reject N155bn payment

20 February 2012

There were indications on Sunday that the National Assembly might not approve the N155bn the Executive provided in the 2012 budget as arrears of fuel subsidy claims for 2011.

The N155bn is part of the N888bn the Executive announced last week that it provided for subsidy payments in 2012.

Out of the N888bn, a provision of over N656.3bn is the subsidy budget for the year.

Incidentally, both the Senate and the House of Representatives are currently investigating the subsidy claims for 2011. This followed the nationwide outrage that greeted the January hike in the pump price of fuel from N65 to N97 per litre and the consequent allegations that fuel subsidy management was fraught with corruption.

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