FG offers N110, N120 per litre

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Labour was last night considering the latest offer from President Goodluck Jonathan to scale down the price of petrol to between N110 and N120.

The President also directed the Economic and Financial Crimes Commission, EFCC, to immediately commence a probe of the utilization of the more than N1.3 trillion subsidy fund.

President Jonathan in meetings with a select team of labour leaders was understood to have made the offer with a proviso that full deregulation of the sector would commence in April.

The offer from the President followed a string of talks with stakeholders including governors and the leadership of the National Assembly.

Earlier yesterday, labour blamed the administration for the failure of talks between both parties lamenting that government’s insistence on discussing price reduction instead of a reversal of the petrol price to N65 as being demanded by Nigerians was responsible for the failure of the talks.
The decision to probe the management of the subsidy funds followed a request to the EFCC by the Minister of Petroleum Resources, Mrs. Dizeanni Allison-Madueke.

The Minister in a statement yesterday personally signed by her said she had written the EFCC inviting the commission to intervene in the matter. The letter dated January 12, 2012 said:

“Following the removal of fuel subsidy on January 1, 2012 and the ensuring protests that followed the announcement, it is clear that the Nigerian people are demanding for better accountability and transparency in the oil industry, these actions have to be taken.



”With presidential approval, I have written to invite the EFCC to immediately review all payments made in respect of subsidies on fuel and kerosene and to take all necessary steps to prosecute any incidence of malfeasance, fraud, over-invoicing, and related illegalities in an open and transparent manner”, she said.

According to the statement: “I have set up a unit in my office to be headed by an independent auditor to review the report of KPMG and other audit reports of NNPC and other parastatals, and immediately begin implementation of their findings, ensuring, at all times, full probity and value for money.

”I am em-paneling another unit in my office to begin a comprehensive review of the management and controls within all parastatals in the Ministry of Petroleum Resources, including but not limited to NNPC, PPPRA, and DPR.

Accordingly, I expect a report in 30 days to enable us take further action in reforming management, personnel, and other practices and procedures in parastatals within the ministry. It should be noted however that this process has already begun in PPPRA, and DPR where management changes and reforms are beginning to yield desirable results.

”I will be meeting with Senate President and the Speaker of House of Representatives in the coming week to seek their co-operation and leadership in the quick passage of the petroleum industry bill so that we can anchor the comprehensive reform of the oil industry”, the statement said.

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