President Goodluck Jonathan yesterday asked the National Assembly to approve additional N161.6 billion for petrol subsidy for 2012 to avoid fuel scarcity during the Christmas period. This will shoot up the total subsidy spending for the year to N1.048 trillion. In two separate letters to the Senate and the House of Representatives, dated December 5, Jonathan said the additional payments were required because the N888.1 billion provided in the 2012 budget is about to be exhausted.
He said of the N888.1 billion budgeted for subsidy for the year, N880.26 billion had been paid out leaving a balance of N7.735 billion with more than two weeks remaining before the year runs out.
He urged the two chambers to approve the request to "maintain a steady flow of petroleum products, especially in the run-up to the festive session." Jonathan said a forensic audit carried out has shown that the subsidy provision made in the 2012 budget was underestimated.
The letter, titled "Request for Supplementary Budget for 2012" was read on the floor of the two chambers by Senate President David Mark and Speaker Aminu Tambuwal. The Senate version of the letter said, "In order to accommodate the outstanding arrears resulting from the forensic audit exercise and the remaining period of the 2012, an additional sum of 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 subsidy payment of 2012."
Jonathan's request confirmed a Daily Trust exclusive report last week which said the President will make the proposal following a meeting with officials of the National Assembly.
Daily Trust
All we hear is the subsidy, how the money will go we would not know anything.Only God will help us o
So much money in this country but the government does not know how to spend it