The senate has set up an ad hoc
committee to probe a $3.5 billion “subsidy recovery fund” said to be managed by
Maikanti Baru, group managing director (GMD) of the Nigeria National Petroleum
Corporation (NNPC), and the corporation’s finance director.
The decision of the senate was
sequel to a motion on matters of national importance sponsored by Biodun
Olujimi, minority leader of the senate.
Olujimi said the “slush” funds is
“too huge” to be managed by just two people.
The senator said the relevant committees
should invite the NNPC officials to explain why the fund is being operated and
what has been spent from it.
“I bring an issue in today’s
ThisDay newspaper and it’s about $3.5 billion budget recovery fund being used
by the NNPC. It is earmarked as subsidy recovery fund by the NNPC,” the senator
said.
“Mr President since 1999, there
has always been a budget for subsidy but this has been jettisoned by the
current government which leaves this administration in a dire strait, what is
happening is that there is a fund named subsidy recovery fund which is managed
by only two individuals of the NNPC, that is the managing director and the
executive director finance.
“This fund is too huge for two
people to manage. Right now Mr President the $3.5 billion is managed by just
two and this is too huge to be managed without appropriation without any
recourse to any known law of the land.
“During your remarks after the
passage of the budget. You mentioned that there should be a budget for subsidy.
That should be brought before the national assembly. By the report, it is
almost certain that the $3.5 billion is slush funds managed by two individuals
and that is not correct.
“I urge the senate to cause the
downstream committee to invite the NNPC to explain why it should be so and what
has happened to the funds that have been used so far and the new term recovery
instead of subsidy approval.”
On his part, Ali Ndume, senator
representing Borno south, said the petroleum downstream committee might have
been “compromised”.
He called for the setting up of
an ad hoc committee.
“I don’t want to be hard on the
committee. I think the committee has the responsibility of oversight, when this
happens they are supposed to know. Senator Marafa being chairman of the
committee should be out of this,” Ndume said.
“The senate leader and other
members should look at this thing objectively. When you have a large amount of
money stacked somewhere, it calls for caution. I’m suggesting that the leader.
As distinguished senator Bukar Abba said – not me – that the committee might
have compromised.”
On his part, Senate President
Bukola Saraki said the facts of the issue should be investigated.
“[The committee] summon those in
the NNPC who are responsible and come back to us in four days on a report that
we can all debate – if it’s speculative it becomes partisan so we will come out
with the facts,” he said.
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