{"id":22850,"date":"2018-04-11T19:10:03","date_gmt":"2018-04-11T18:10:03","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=22850"},"modified":"2018-04-11T19:10:03","modified_gmt":"2018-04-11T18:10:03","slug":"22850-2","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/22850-2\/","title":{"rendered":"BudgIT Demands Transparency For N1.4tn Fuel Subsidy, says Beneficiaries Must Be Made Public"},"content":{"rendered":"<ul id=\"container\" class=\"reset\">\n<li id=\"lipage1\" class=\"pageli\">\n<div class=\"page-outer-wrapper\">\n<div id=\"pfpage1\" class=\"page-inner-wrapper\">\n<div id=\"pg-1pf1\" class=\"pf pg-1w0 pg-1h0\">\n<div class=\"pc pg-1pc1 pg-1w0 pg-1h0\">\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y0 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">BudgIT has expressed dismay at the lack of accountability and transparency by the Federal Government and the Nigerian National Petroleum Corporation (NNPC) on the amount spent on<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1yd pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">subsidy in 2016, 2017 and the first quarter of 2018.<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1yd pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\"><\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1yd pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">BudgIT said it is in the interest of the public that detailed<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1ye pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">information of the amount spent on fuel subsidies such as the beneficiaries, the pricing template for arriving at the subsidy rates and the volume of petroleum products utilised should be made<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y10 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">open and that these transactions are carried out transparently.<\/div>\n<div><\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y11 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">The Minister of State for Petroleum Resources, Ibe Kachikwu, recently disclosed a total of N1.4 trillion is being spent annually by the Nigerian National Petroleum Corporation (NNPC) as the subsidy<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y13 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">for Premium Motor Spirit (PMS).<\/div>\n<div><\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y13 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">This amount is significantly more than what Nigeria intends to<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y14 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">spend on Education in the proposed 2018 Budget (N605.8 bn).<\/div>\n<div><\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y15 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">According to BudgIT, there is a growing deficit in trust due to lack of due process in the NNPC; in March 2018, the corporation announced it spends N774m daily, roughly N23.99bn monthly as subsidy on 50 million litres of PMS consumed across the country. The public knows very little information on the beneficiaries of the subsidy payments and control process instituted to prevent theft of these funds.<\/div>\n<div><\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y1a pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">BudgIT admonish that the subsidy payments have been a contentious issue for the last 30 years.<\/div>\n<div><\/div>\n<div>Analysts had called for its cancellation due to the lack of accountability and transparency in the administration of these funds. Also, there are arguments that the subsidy regime constituted double taxation on the populace who pay the actual market price for PMS due to lack of adequate monitoring by the Department of Petroleum Resources (DPR).<\/div>\n<div><\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y1f pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">According to BudgIT lead Partner, Oluseun Onigbinde, \u201cEvidence shows that amount spent on subsidising PMS is always riddled with corruption. We noted this is 2011 prior to the elections and we are worried this opacity is preceding the 2019 elections again. We are worried at the use of public resources without legislative appropriation or requisite transparency \u201d<\/div>\n<div><\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y23 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">BudgIT understands that NNPC in recent times has initiated a couple of actions in trying to meet up with the global of standards of transparency and accountability including actions like<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h1 pg-1y25 pg-1ff1 pg-1fs0 pg-1fc0 pg-1sc1 pg-1ls0 pg-1ws0\">publishing its monthly report on its financial and operational activities. &#8220;Notwithstanding this, the lack of information on the subsidy regime, including the amount paid and the beneficiaries are locked away from public scrutiny.<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<li id=\"lipage2\" class=\"pageli\">\n<div class=\"page-outer-wrapper\">\n<div id=\"pfpage2\" class=\"page-inner-wrapper\">\n<div id=\"pg-2pf2\" class=\"pf pg-2w0 pg-2h0\">\n<div class=\"pc pg-2pc2 pg-2w0 pg-2h0\">\n<div class=\"t pg-2m0 pg-2x0 pg-2h1 pg-2y2 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">&#8220;Therefore, BudgIT urges the Federal Government, NNPC, DPR, National Assembly, the National Economic Council (NEC) and State governments to release details on the breakdown of the<\/div>\n<div class=\"t pg-2m0 pg-2x0 pg-2h1 pg-2y4 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">amount spent on subsidy, the beneficiaries, the pricing template for arriving at the subsidy rates and the volume of petroleum products utilised.<\/div>\n<div><\/div>\n<div class=\"t pg-2m0 pg-2x0 pg-2h1 pg-2y6 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">&#8220;For increased efficiency of the NNPC, there is an urgent need to plug the loophole created by the subsidy regime in the oil sector; we call on all Nigerians to demand appropriate systems to<\/div>\n<div class=\"t pg-2m0 pg-2x0 pg-2h1 pg-2y8 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">ensure that oil revenue is judiciously managed and utilised for the good of the people&#8221;, it added.<\/div>\n<div class=\"t pg-2m0 pg-2x0 pg-2h1 pg-2y9 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>BudgIT has expressed dismay at the lack of accountability and transparency by the Federal Government and the Nigerian National Petroleum Corporation (NNPC) on the amount spent on subsidy in 2016, 2017 and the first quarter of 2018. BudgIT said it is in the interest of the public that detailed information of the amount spent on &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":18018,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[2253],"coauthors":[2391],"class_list":["post-22850","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-budgit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BudgIT Demands Transparency For N1.4tn Fuel Subsidy, says Beneficiaries Must Be Made Public - 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