Last year, 2011 the National Assembly appropriated N245 billion for fuel subsidy. In violation of the Appropriation ACT 2011 and the Fiscal Responsibility ACT 2007, the Central Bank of Nigeria paid N2.3 trillion for fuel subsidy on the basis of fraudulent, satanic and wicked recommendations of the Ministries of Finance and Petroleum resources.
In 2011 budget, the sum of N888.3 billion was appropriated by the National Assembly for fuel subsidy.
Last two weeks at the budget defense in the National Assembly, the Executive Secretary of Petroleum product pricing Regulatory Agency, Mr. Stanley Reginald told Members of the House of Representatives that a total sum of N679 billion had been spent on fuel subsidy from January – October 2012 and that the sum of #670 million had been saved by the Federal Government.
From his postulations to the National Assembly Nigeria spend an average of N67.9 billion per month. So since we have paid unto October, we will only need #135.8 billion to settle for the remaining of November and December. If this N313.8 billion is deducted from the balance of #208 billion left now in the subsidy account, there will be an outstanding of N72.2 billion in the account at the end of the year. So what do we need a supplementary appropriation for it is fraudulent, not necessary and pure corruption.
So we conclude that the National Assembly and indeed the House of Representatives had yet to pass the bill must not do so. Because it is a total and complete fraud.
If this is passed, we will match and occupy the National Assembly. We can not be taken for granted. Subsidy is a total fraud, as it does not exist. What we subsidize is actually corruption. At all cost within the ambit of law, we must protect the resources of the people of the Federal Republic of Nigeria. The SURE – P program is an aberration, fraud and corruption pipe for 2015 elections. We call on the House of Representatives to demonstrate courage and support for the common man by throwing the bill out through the windows of the National Assembly.
NO RETREAT NO SURRENDER.
Otunba Dino Melaye