A Review of the Nigerian Energy Industry

Jonathan seeks N161.6bn extra subsidy fund

12 December 2012, Sweetcrude, Abuja – President Goodluck Jonathan has written to the Senate, asking for approval for N616.6 billion as
supplementary funds for fuel subsidy for this year.

This would be in addition to over N880.3 billion approved for payment of fuel subsidy in the 2012 budget.

In a December 5 letter to Senate President David Mark, Jonathan said the N7.7 billion left of the N880.3 billion would not be enough for subsidy payment for the remaining days of the year.

Senator Mark read the letter, entitled “Request for supplementary budget for 2012,” on the floor of the Senate, Tuesday.

The president, who asked for expeditious consideration of his request by the Senate, said he was seeking the additional fund to help maintain a steady flow of petroleum products, especially in the run up to the festive season.

His letter reads: “The Distinguished Senate President will 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 Distinguished 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 N880,264,243,683.61 billion has been paid out, leaving a balance of N7, 735, 756, 316: 39 billion.
“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, 911 billion 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.

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  • Petroleum imports and fuel subsidy payments are a constant reminder of the government’s inability to manage the downstream and midstream oil subsectors effectively.

  • Dnt give jona dis money,he is nt doing anything,jst embezzling our money,d economy is collapsing OLE!!!

  • 4 wt na?? Stil no light, inflated fuel, bad roads/infrastructures, skul strikes,low life standard, poor medicals, flooding, no water…pls wt do dey wanna use d money 4??? Who will ask Gudluck 4 me abeg?

  • May GOD gaid us 2ru… in 9ija

  • Thief, ole gudluck or wat u call use 3 millon 4 food every day ole 84 millon in one mnth just food o? is 2 much na 4 wat? badluck.

  • Its time for Nigerians to unanimously lay a CURSE on Jonathan. He is d worst tin dat has happened to 9ja after d civil war. Bad roads, dead economy, no light, no security, corruptn, poverty, hunger, no meaninful development, empty promises, boko haram, weak govt….. Useless Ijaw man!

  • He is jst BADLUCK!!!

  • Mr Jona is just few inches away from the big fish. It is better we have goat on that seat and have record or fame as the first country animal have rule. I dont like Jona’s government