FG reduces payment on Oil subsidy -Okonjo-Iweala
The Federal Government has reduced oil subsidy money owed the major marketers from N2.2 trillion in 2011 to N971 billion in 2012 alone.
This was contained in a statement signed by Paul Nwabuikwu on behalf of the coordinating Minister for the Economy, Ngozi Okonjo-Iweala, in Abuja.
The said amount represented a reduction of over N1.2 trillion or 56 per cent of the total sum.
“In 2011, there was a huge public outcry. As a result, this administration has worked hard to clean up the process of subsidy payments.
“In response, the ministry set up the Aig-Imoukhuede Committee, which investigated the subsidy payments. The committee was later elevated to a Presidential Committee by Mr. President.
“We also hired new auditors and put in place different check and balances.
“As a result, last year, we brought subsidy payment down to about N950 billion and we expect that this year, we will pay about N971 billion.
“I believe this is a huge achievement for which the Jonathan Administration deserves some credit.
“It is something that should make Nigerians proud of their government,” the statement quoted Okonjo-Iweala to have said.
The Federal Ministry of Finance has released N46. 76 billion as latest payment to oil marketers whose claims had been verified.
The statement said that the latest payment brought the total verified claims paid to marketers so far in 2013 to N287. 35 billion.