Fuel subsidy: Senate joint committee begins sitting today

BARRING any unforeseen circumstance, the Senate Joint Committees on Petroleum Resources (Downstream), Appropriation and Finance that is investigating the operation of the fuel subsidy scheme would commence sitting today.It has also extended invitation to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related Offences Commission (ICPC) as observers and have first hand record of the proceedings.The investigation was with a view to determining how fuel subsidy was been run within the parameters of the law and if not to find ways and means to make it much more transparent, accountable, efficient, sustainable and within the Appropriation Act.The chairman of the joint committee, Senator Magnus Abe, said after the meeting of the committee that the invitation of the anti- graft agencies was merely procedural, adding that 'nobody is up for arrest.'Senator Abe informed that all the relevant parties and stakeholders in the management of the fuel subsidy were expected to make presentations at the public hearing.To appear before the committee, he disclosed that the committee had already invited the Minister of Finance, Dr Ngozi Okonjo-Iweala, her Petroleum Resources counterpart, Mrs Diezani Alison-Madueke, the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Goddy Egbuji and the Governor of the Central Bank of Nigeria (CBN), Malam Lamido Sanusi, to the public hearing.Others, who would appear, according to him, included the former Minister of Finance, who now heads the Trade and Investment Ministry, Mr Olusegun Aganga as well as the former chairman of the PPPRA, Mr Rasheed Gbadamosi.Senator Abe,who spoke with newsmen, added that petroleum product importers as well as the beneficiaries of the government subsidy regime had also been invited to the public hearing 'to explain how they got into the fuel subsidy fray.'He revealed that most of the people who participated in the subsidy arrangement were not qualified, noting that 'The committee won't pre-empt and pre-judge the outcome of the investigation.'The joint committee chairman reiterated that the Senate was determined to conduct an open and fair investigation, saying: 'As much as possible, we will be open to all Nigerians.
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