Fuel Subsidy: Jonathan Seeks N162bn Supplementary Budget

 President Goodluck Jonathan Tuesday formally requested the National Assembly to approve N161,617,364,911, which will be built into the 2012 supplementary budgetary framework, to settle outstanding fuel subsidy claims.

Making the disclosure during the plenary session in the upper chamber, Senate President David Mark said the president through a letter to the legislature had reminded the National Assembly that a provision of N888.1 billion was made to offset fuel subsidy claims in the 2012 budget.

However, the president’s letter added, “Following the forensic audit carried out by the Federal Ministry of Finance and the presidency, it had been established that provision for fuel subsidy payment in 2012 was underestimated.”

The president’s request for approval of a supplementary budget coincided with a directive by the House of Representatives to its Committees on Finance and Appropriation that they compile a comprehensive report on the Federal Government’s revenue, expenditure and any unforeseen savings in the course of implementation of the 2012 budget. - ThisDay News

The president’s letter further disclosed that N880,264,234 683.61 had been paid out of the N888.1 billion appropriated in the budget, leaving a balance of N7,735,756,316.39.