The Senate on Tuesday said the Nigerian National Petroleum Corporation had not accounted for the N32 removed as subsidy on each litre of Premium Motor Spirit (petrol) sold from January 2012 to September 2013.
It lamented that officials of the NNPC failed to honour its invitation to give account of how they managed the accrued fund.
Members of the Senate ad hoc committee on the Subsidy Reinvestment and Empowerment Programme raised the alarm after NNPC and the Central Bank of Nigeria officials failed to honour an appointment with them on Tuesday.
A member of the committee, Senator Kabiru Marafa, said the committee had observed that over N800bn ought to have accrued for the SURE-P projects between January 2012 and September 2013.
According to him, the accrued fund will be over N800bn based on N32 that is removed from each of the 25 billion litres of fuel sold in 21 months.
He said the figure was contained in a letter dated October 9, 2013 from the Federal Ministry of Petroleum Resources to the committee. The letter, he said, was signed by the ministry’s Director of Finance and Accounts, Mr. Salmanu Faskari.












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