The probe of the management of fuel subsidy regime by Hon Farouk Lawan-led House of Reps Ad-hoc Committee on Tuesday resumed sitting with a new dimension as the Governor of the Central Bank of Nigeria, Sanusi Lamido revealed that the 2011 payment of subsidy by the Nigerian government is at December is N1.7tr and not N1.43tr as stated by the minister of Finance.
This figure is contrary to the earlier submission made by the minister of Finance who put the official figure at N1.43tr as at December and that of Petroleum Resources, who said the federal government expended N1.3tr on fuel subsidy as at October 2011.
He said, “As of December, 1.7trillion naira has been paid. As bankers to the government, we have more recent figures but this is subject to reconciliation. Some marketers still have outstanding payments so it is possible there will still be payments to be made”.
The governor who was represented by the apex bank's deputy governor, Financial System Stability, Dr. Kingsley Moghalu also told the panel that between 2006 and December 2011, the amount spent on fuel subsidy went up by more than 1200% even as he faulted the secrecy and manner with which the fuel subsidy regime is being managed.
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