SENATORS, on Thursday, ratified the report of its committee on Finance, which probed allegations of missing $49.8 billion oil revenue made by former governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi.
Lawmakers at the sitting ratified the report, which indicated that the allegation by the former CBN governor was unfounded, indicating that the said money was not missing from government’s coffers.
They also unanimously rejected the proposal that the Federal Government should remove petroleum subsidy, due to the alleged widespread misapplication of the funds.
While adopting the Senator Ahmed Makarfi-led committee report, the senators also approved that the Nigerian National Petroleum Corporation (NNPC) should refund the sum of $218,069,354.32, being the balance of the gross lifting under the third party financing to the Federation Account.
Besides, the lawmakers also directed that regular inter-agency reconciliation between institutions, such as the Ministry of Finance, NNPC, CBN and the Federal Inland Revenue Service (FIRS) should hold on a regular basis.
According to the Senate, such regular reconciliatory meetings would prevent any leakage in the federation’s revenue and also prevent the state of distrust that led to the investigation.
In adopting another recommendation, the Senate rejected the proposal which indicated that the NNPC should present the subsidy deductions amounting to the sum of N813.8 billion for appropriation by the Senate.
The Senate also advised the NNPC to stop making deductions from the Federation Account without appropriation by the National Assembly.
The senators said the NNPC must stick to international best practises in keeping records, while also insisting that the corporation should desist from controlling the Nigerian Petroleum Development Company (NPDC), so as not to undermine separate legal status and make accountability more difficult.
Senate President, David Mark, said that the committee had presented a courageous report, based on the facts and figures.
He said Nigerians should be wary of those who bandy figures about without proof, adding that the report before the Senate was laced with facts.
“At the inception of the seventh Senate, I did say emphatically that there is no issue in this country that we cannot discuss as respected and distinguished senators of the Federal Republic of Nigeria.
“If we have the courage to set up a committee, noting will stop us from taking the report of that committee and it will not be swept under the carpet in this Red Chamber,” he said.
He said that the Senate needed to tread softly on the issue of petroleum subsidy, adding that “if subsidy has to be removed, there must be public enlightenment and education, so that facts would be made available to the people and then public opinion at the end of the day will count.”
Mark added that “if we sit here now and said remove subsidy, I think those who are benefiting from subsidy are very powerful and tomorrow, they would influence media report and twist it to create an impression that the Senate is anti-people.”
Source: Tribune
