Senate President Bukola Saraki
says for the sake of transparency, the executive should send a supplementary
budget for fuel subsidy payments.
The Nigerian National Petroleum
Corporation (NNPC) had said the landing cost of petrol is N171 as against the
official retail price of N145.
This implies that the corporation
pays N40.70 as subsidy on every litre of petrol imported into the country in
the bid to retain the retail price.
Speaking after the senate passed
the 2018 budget on Wednesday, Saraki said fuel subsidy is an important issue
that must be addressed.
“In the area that we could not
address, which is the issue of fuel subsidy, I appeal to the executive to look
into this for the interest of transparency,” he said.
“Where an expenditure close to
over N1 trillion must be captured in the budget and when the supplementary
comes, the hope is that the executive does something about it. It is an
important issue and must be addressed.
“Now that the crude oil price is
up to $80, a lot of Nigerians are expecting to see our excess crude reserve
account to be on a rise but if money is being used for subsidy, it will be
difficult to explain. That is why it is important that we capture the subsidy
into the budget.”
The senate president explained
that the budget was increased from N8.6 trillion to N9.1 trillion because “both
the executive and the legislature have seen areas where there’s need for
intervention”.
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