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Fuel Subsidy Specuation Dismissed Okonjo-Iweala

Fuel Subsidy Specuation Dismissed Okonjo-Iweala Federal Government has dismissed claims of impending fuel scarcity as a result of the ongoing verification of subsidy payments to oil marketers. Finance Minister Ngozi

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قديم 05-30-2012, 07:05 PM
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افتراضي Fuel Subsidy Specuation Dismissed Okonjo-Iweala

Fuel Subsidy Specuation Dismissed Okonjo-Iweala
Federal Government has Dismissed claims of impending Fuel scarcity as a result of the ongoing verification of Subsidy payments to oil marketers.
Finance Minister Ngozi Okonjo-Iweala yesterday said only “marketers whose claims of Fuel importation have been verified as genuine” would be paid and that the, “the ministry will not be stampeded into making hasty payments on deliveries that have not been substantiated or verified.”

She said this in a statement by her Senior Special Assistant, Mr. Paul Nwabuikwu. She disclosed that the next Federal Accounts Allocation Committee in June would provide the occasion for resumption of payments.

It rejected the idea that “a prudent approach to verifying and making payments will lead to Fuel scarcity, saying it was learning lessons from the past and to ‘reform the way payments are made will lead to Fuel scarcity is simply not the case.”

According to the minister, based on the PPPRA and the NNPC’s claims, N451 billion of the N888 billion Subsidy budget for 2012 has already been spent on arrears for 2011, arguing that “since the NNPC/PPPRA’s estimate for the 2011 arrears was N232 billion, this means that more than double the projected amount has already been spent and those agencies are still bringing in more claims.”Okonjo-Iweala dismisses Fuel scarcity speculations

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Written by Yunus Abdulhamid Wednesday, 30 May 2012 05:01
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Federal Government has Dismissed claims of impending Fuel scarcity as a result of the ongoing verification of Subsidy payments to oil marketers.
Finance Minister Ngozi Okonjo-Iweala yesterday said only “marketers whose claims of Fuel importation have been verified as genuine” would be paid and that the, “the ministry will not be stampeded into making hasty payments on deliveries that have not been substantiated or verified.”

She said this in a statement by her Senior Special Assistant, Mr. Paul Nwabuikwu. She disclosed that the next Federal Accounts Allocation Committee in June would provide the occasion for resumption of payments.

It rejected the idea that “a prudent approach to verifying and making payments will lead to Fuel scarcity, saying it was learning lessons from the past and to ‘reform the way payments are made will lead to Fuel scarcity is simply not the case.”

According to the minister, based on the PPPRA and the NNPC’s claims, N451 billion of the N888 billion Subsidy budget for 2012 has already been spent on arrears for 2011, arguing that “since the NNPC/PPPRA’s estimate for the 2011 arrears was N232 billion, this means that more than double the projected amount has already been spent and those agencies are still bringing in more claims.”

Fuel Subsidy Specuation Dismissed Okonjo-Iweala

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