Exposed! How Nigeria Wasted N1.7trillion On Fuel Subsidy

“I can confirm that N1.736tn was
paid out as subsidy up to
December 2011. These figures
are the actuals as of December
2011,” said Mr. Kingsley
Moghalu, CBN’s Deputy Governor
while speaking under oath
before the House of Reps probe
panel on Tuesday in Abuja.
This serious revelation has
exposed the many lies of the...
Minister of Finance, Dr. Ngozi
Okonjo-Iweala who claimed that
the federal government spent
N1.4tn on subsidy in 2011. The
"actual" figure released by the
CBN is an excess of N300bn
above the figure released by the
minister . What a subsidy fraud!
Dr. Okonjo-Iweala, while
testifying before the same probe
panel last week, said following
the reconciliation of payments up
to December 2011, the total
payments on subsidy stood at
N1.4tn .
The minister emphasised that the
authentic figure in the books of
the Ministry of Finance was
N1.4tn. Funny enough, the
minister of Petroleum Resources,
Diezani Allison-Madueke has her
own figure for subsidy (fuel and
kerosene), which is about
N1.3tn. This goes a long way to
show that many of those
managing Nigeria's resources
are playing games with our
commonwealth .
Apparently shocked by the latest
conflicting figure on the
controversial subsidy, Chairman
of the committee, Mr. Farouk
Lawan, said, “ It appears like the
figure on the payments for fuel
subsidy will continue to go up. It
appears the end will not come
soon .”
Mr. Moghalu informed the probe
panel that the CBN, as an
economic adviser to government,
was “worried” over the steady
rise in fuel subsidy payments
since 2009. He disclosed that the
demand for subsidy payments
rose by 670 per cent between
2009 and 2010 .
Mr. Moghalu stated that by 2011,
the demand jumped 17 times,
representing a whooping 1,523
percent increase in payments .
It is a shame that even the
Minister of Finance, who claims
to be the coordinating minister
of the economy, does not have a
clear picture of how Nigeria's
money is moving around.
.
.
see what they're turning our country into!!!


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