As a measure towards arresting a potential fuel crisis during the festive period, President Goodluck Jonathan on Tuesday sought the nod of the Senate for a supplemental request of N161, 617, 364, 911 bn as payment for fuel subsidy in 2012.
Jonathan in a letter to the Senate explained that the additional request was occasioned by a forensic audit which uncover that the N888.1bn provided for fuel subsidy in the 2012 budget was underestimated.
While he noted that additional request is to ensure the steady flow of petroleum products during the festive period, Jonathan added that the sum of N880,264,243,683:61bn has been paid so far for subsidy with a balance of N7, 735, 756, 316: 39bn.
The letter read in part “you recall that as part of the 2012 budget framework a provision of N888.1 billion was made for payment of fuel subsidy for the nation.
“I wish to intimate the distinguish Senate of the fact that following the forensic audit carried out, the provision for fuel subsidy in the 2012 budget was underestimated.
“As at now the sum of N880,264,243,683:61bn has been paid out leaving a balance of N7, 735, 756, 316: 39bn.
“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, 911bn 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 payment of 2012” he said.