Saraki Speaks On Fuel Subsidy
Senate President, Abubakar Bukola Saraki has asked the executives to send a supplementary budget that will capture the payments for fuel subsidy in the 2018 budget.
NIGERIA NEWS recalls that the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) in March disclosed that Nigeria currently spends N774m daily as subsidy on the 50 million litres of Premium Motor Spirit consumed across the country every day.
Saraki, while speaking on Wednesday during plenary, shortly after the passage of the 2018 budget on Wednesday, Saraki noted that it was important for the fuel subsidy payment to be captured in the 2018 budget in the interest of transparency.
“In the area that we could not address, which is the issue of fuel subsidy, I appeal to the executive to look into this for the interest of transparency,” he said.
“Where an expenditure close to over N1 trillion must be captured in the budget and when the supplementary comes, the hope is that the executive does something about it. It is an important issue and must be addressed.
“Now that the crude oil price is up to $80, a lot of Nigerians are expecting to see our excess crude reserve account to be on a rise but if money is being used for a subsidy, it will be difficult to explain. That is why it is important that we capture the subsidy into the budget.”
The Senate president explained that the budget was increased from N8.6 trillion to N9.1 trillion because “both the executive and the legislature have seen areas where there’s need for intervention”.
NIGERIA NEWS had earlier reported that the National Assembly on Wednesday approved the 2018 budget of N9.12 Trillion up from the N8.612tn presented by President Muhammadu Buhari on November 7, 2017.