President Jonathan, in a letter to the Senate, read by Senate President,
David Mark, explained that after a forensic audit, Federal Government
discovered that the provision for fuel subsidy in the 2012 budget was
underestimated.
The letter read: “The distinguished Senate President will recall that as
part of the 2012 budget framework, a provision of N888.1 billion was made for
payment of fuel subsidy for the nation.
“I wish to intimate the distinguished Senate of the fact that following the
forensic audit carried out, the provision for fuel subsidy in the 2012 budget
was underestimated. As of now, the sum of N880,264,243,683:61 has been paid
out, leaving a balance of N7,735,756,316. 39.
“In order to accommodate the outstanding arrears resulting from the forensic
audit and remaining period of 2012, an additional N161,617, 364,911 over and
above what was programmed in the 2012 framework is required.
“Given the need to maintain a steady flow of petroleum products, especially
in the run up to the festive season, it is my hope that the distinguished
senators will kindly accord this request their traditional expeditious
consideration and approval.
“Accordingly, I hereby forward copies of the supplemental request for the
additional payment of 2012.”
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