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President Jonathan’s Administration supposedly continue Fraud regarding Fuel Subsidy Funds

President Goodluck Jonathan

The Forum of Commissioners of Finance of Nigeria (FCFN) has expressed alarm about the federal government’s fuel subsidy deductions from the Federation Account and the Domestic/Foreign Excess Crude Account, against the background of last January’s mass protests, hinting that further crisis could be forthcoming in the next couple of months.

In a memo to the Governors’ Forum signed by Eze R. Echesi, chairman of the group, the FCFN complained that in the three months between December 2011 and February 2012, the federal government had already deducted N477.233 billion from the states, and that the average monthly figure for the two-legged subsidy deductions comes to N159.078 Billion.

“If this trend continues for the next 12 months, this will amount to N1.909 Billion thereby making the 2011 figure a child’s play,” the commissioners warned.

They recalled that they had previously noted that subsidy deductions were far in excess of the 2011 federal government budget approval of about N1.2 Trillion without any convincing justification, estimating that by the end of December 2011, Nigeria would have spent a whopping N1.5 trillion instead.

“It is equally noteworthy that total subsidy deductions for the first two months of 2012 is N304.003 Billion which amount is already higher than 2011 approved Federal budget of about N240 Billion,” the commissioners said. “We have also been informed that the approved budget for 2012 fuel subsidy is N888 Billion and this translates to N74.000 Billion monthly. What is still not clear yet is whether this figure is meant to take care of both NNPC and PPPRA.”

The commissioners informed the governors that the next month or two could prove pivotal, in view of the events of January, despite what appeared to be a downward trend in the subsidy figures and “the fact that some measure of fuel subsidy withdrawal would also appear to have either been achieved or indeed had been achieved for now.”

Culled from Sahara Reporters

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