I read the below write up on Senator Bukola Saraki's blog and i felt it was worth sharing after i read that he took questions from twitter and his site and actually asked those who attended the hearing.

Direct Link to the site.  http://www.abubakarbukolasaraki.com/index.php?option=com_content&view=article&id=316:transparency-and-accountability-on-fuel-subsidy-scheme&catid=72:news-and-comments&Itemid=375#comment-38

On September 16 2011, I sponsored the motion to investigate TRANSPARENCY AND ACCOUNTABILITY in fuel subsidy management in Nigeria.
I urged my fellow Senators to investigate how a single agency of government can incur 700% extra expenditure without due approval of the National Assembly, and outside of an acceptable transparency framework. I made it known that this poses a grave challenge and therefore an urgent review of the subsidy scheme is in order?

You may know that N20bn was set aside for subsidy on a monthly basis in the 2011 budget, but figures for August indicate the NNPC actual subsidy figure was N88b and Independent Marketers was N77.7B. This makes a total of N165.7 Billion for August alone. For the total year, there is a variance of over 700% or N931b representing an actual variance of N771b that is against the budget estimate of N160b. This stated difference, which is treated as first line charge, implies we can't afford to fund capital budgets. ?

Historically, the fuel subsidy has set and maintained artificially low prices, as the government provides fuel to Nigerians and pays bulk of the cost.
Of the total 2011 capital budget, N240 billion was allocated to fuel subsidy and we are projecting to spend N1.5 trillion in one year alone. Which is 14 times more than what we are spending on power generation in 2011, nine times what we are spending on federal roads, 24 times value of health capital or four times the entire defence and security budget. The implementation of 2011 budget with capital expenditure is dead on arrival because this variation questions how power, agriculture, health, education, roads etc can be funded.?
By year end the subsidy bill will be close to N1.5trillion . We must ask ourselves if this figure is sustainable and why did almost 250% over last year.
The key factors that usually affect how much should be spent on fuel subsidy are 1) If we are consuming more fuel. 2) If the price of crude oil has increased significantly and 3) If the price of Naira has fallen. And from figures available, these factors have been either stable or have not increased  enough  to warrant. the outrageous figure of 2011
The EConomist magazine wrote a report May this year and I quote "That importers routinely falsify bills of lading, inflate the amount of fuel imported five-fold , then collect the government subsidy on all of it, and finally smuggle the fuel to a neighbouring Country to sell it for double or triple the price?
How true are these allegations? Can they be the cause of the huge rise this year?
How much of this subsidy amount increase is as a result of corruption, and wastage?
In my motion, I noted that the federal government operates the fuel subsidy scheme with the purpose of making petroleum products available by cushioning the effect of their true market prices on Nigerians. Observing that the fuel subsidy scheme is a government action to help Nigerians, I will like to remind you that the motion does not in anyway aim to remove the fuel subsidy but to bring fiscal responsibility to the program?

My motion was to set up a Senate committee to assess all aspects of the fuel subsidy scheme with view to determine that it is still within the parameters of the law and if not find ways and means to make it much more transparent, sustainable and within appropriation act.
Surely its the lack of sustainability at this level that has brought about the on going debate

On Thursday 1st of December 2011, the Senate will hold its 2nd hearing on fuel subsidy, I have read some of the comments on social media and different blogs and will like to present them on the floor on Thursday. Please feel free to leave constructive questions and criticism and a way forward to put before those appearing  , as I will be quoting some of you on the floor. I thank you in advance for your cooperation in assisting me to better represent you.