Senate Passes FG’s Supplementary Budget for Subsidy Payments , Confirms 3 SEC Board Members

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Reports reaching us from the National Assembly said  Nigeria’s Senate in a Committee of the Whole has passed  the Supplementary Appropriation Bill of N161,627,644,900 from the consolidated revenue of the Federation to provide for  subsidy payments. Our correspondent recalled that the   bill was recently sent to the national assembly by President Good luck Jonathan.

In his request to the Senate Jonathan had said,”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.”

In the prelude to today’s passage of the supplementary appropriation bill, President Jonathan had held meetings with  the leadership of the national assembly.One of such meetings took place Wednesday night.But no statement was released to reporters.

Also, today, the Senate  confirmed the appointment of Mallam Mounir Haliru Gwarzo,Rt Hon. Zakawanu-Mhobobho Garba and Mrs  Sa’adatu Mohammed Bello as full time members of the Security and Exchange Commission,SEC.

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