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FG to Resume Fuel Subsidy Payment Next Month

Federal Government to Resume Fuel Subsidy Payment Next Month. The Federal Government said yesterday that it would resume the payment of subsidy to the Nigerian National Petroleum Corporation (NNPC) and

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قديم 06-21-2012, 11:15 AM
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تاريخ التسجيل: Apr 2012
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افتراضي FG to Resume Fuel Subsidy Payment Next Month

Federal Government to Resume Fuel Subsidy Payment Next Month.

The Federal Government said yesterday that it would Resume the Payment of Subsidy to the Nigerian National Petroleum Corporation (NNPC) and private importers of petroleum products Next month.

THISDAY had reported that the Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, had suspended all further payments barely two weeks after the Debt Management Office (DMO) commenced the release of N17 billion in Sovereign Debt Notes to oil marketers for the Payment of 2012 Fuel Subsidy claims from the Petroleum Support Fund.

The suspension of further payments for Fuel imports under the Subsidy regime was to enable the committee to set up by the presidency and the Economic Management Team conclude the verification of claims by marketers and NNPC and payments made to them.

But Minister of State for Finance, Alhaji Yerima Ngama, said yesterday that the committee which had been set up to undertake the reconciliation had now completed its report which would soon be submitted to the government. The minister said now that the reconciliation was over, the Federal Ministry of Finance (FMF) would restart Subsidy payments in July.

Meanwhile, a total of N519.351 billion was yesterday shared among the three tiers of government for May. Briefing journalists after the monthly meeting of the Federation Account Allocation Committee (FAAC), which was held in Ibadan, Oyo State, Ngama said that the gross revenue for the month, which stood at N586.918 billion, was lower than the N633.795 billion recorded in the previous month.

He said the N46.877 billion difference was due to a decrease in crude oil exports in May following production shutdowns and disruptions caused by maintenance work at various terminals.

The minister said notwithstanding, total revenue for the Month exceeded what was budgeted, resulting in a transfer of N86.39 billion to the Excess Crude Account (ECA) for the Month under review.

Ngama added that N35.549 billion was also proposed for distribution under the Subsidy Reinvestment Programme (SURE-P).

Total statutory revenue for the Month stood at N461.670 billion, an increase of N20.504 billion compared to that of April.

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