FG uncovers overpayment of N430bn to fuel marketers

The committee headed by the Managing Director and Chief Executive Officer of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, which was set up by the Federal Ministry of Finance to verify arrears of claims on petrol subsidy for 2011, has uncovered overpayments amounting to N430 billion to private oil marketers and importers. It was gathered that there were discrepancies in the amount of subsidy claims made by some of the marketers and the volume of products they imported during the period under investigation. The committee, which will be formally submitting its report to the Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, today in Abuja, also discovered that some of the affected marketers included companies that did not feature in the report of the ad hoc committee of the House of Representatives that probed the administration of fuel subsidies. Of the N888 billion earmarked to subsidise petrol and kerosene in the 2012 budget, N232 billion was meant to settle the 2011 arrears. However, the Ministry of Finance revealed recently that it had spent N451 billion of the N888 billion on the payment of arrears for 2011. A further N17 billion was paid on 2012 subsidy claims, but the ministry suspended further payments on 2011 and 2012, pending the submission of the committee led by Aig-Imoukhuede. With the committee concluding its findings, subsidy payments will resume next month.



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