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Subsidy Committee Findings to be Released in Two Weeks

By on March 8, 2012

The Chairman of the ad-hoc Committee investigating the fuel subsidy imbroglio in the country has stated that the committee’s findings will be released within two weeks.

Speaking to journalists in Abuja yesterday, Hon. Farouk Lawan stated, “The pressure from the public was enormous but Nigerians should not stampede the committee into making hasty and incomprehensive report. The report would be completed and submitted in two weeks.

“Let us realise that this exercise requires that we provide answers to a lot of raised questions and in dealing with a sensitive matter like this, then it is important that it is done effectively and efficiently.

“We want to present a credible report that would hopefully answer all the issues raised, one that will satisfy Nigerians.

“There were lots of malpractices, shady practices in the way some of these transactions were made.”

Speaking on the extent of the investigations of the committee, Hon . Lawan revealed, “We have addressed some of the issues. We have a rough idea of daily consumption of PMS, as well as that of kerosene. We have a rough idea of what should be the subsidy for 2012.

“We also have an idea of what ordinarily should have been paid as subsidy in 2011, but there are other issues like we are trying to track, from the importers whether what they claimed to have been imported were actually correct.

“We contacted Lloyd’s intelligence in London. We have data from them indicating that mother and daughter vessels purportedly used in bringing in products into this country to determine whether those orders actually reached the shores of Nigeria or diverted or round tripped.

“We are also tracing the money, which was collected through the Form M and letters of credit to determine if importers collected subsidy or foreign exchange and how they utilised the forex.

“It is a wide range of issues and, ultimately, we want to present a report that will not allow the indicted to escape, but will not also indict the innocent. There are lots of repetitions involved in this matter and we don’t want to end up indicting those that were doing honest business, just like we have no intention to allow the dishonest ones to be protected.”