Fuel Subsidy: FG pays N192bn to marketers

[PeoplesDaily]

By Abdulwahab Isa

The Federal Ministry of Finance yesterday said it has paid a whooping sum of N192.5 bn claims by marketers as at June 10, 2013.

According to a press statement issued by the Ministry, signed by the Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Paul C Nwabuikwu, 19 oil marketers, who made 39 claims amounting to N56,806,010,752.45 emerged as the beneficiaries.

These include Resources Ltd, Ascon Oil Co. Ltd, A-Z Petroleum Products Ltd., Bovas & company Ltd, Folawiyo Energy Ltd., Forte Oil Plc, Gulf Treasuries Ltd., Integrated Oil & Gas Ltd., Masters Energy Oil & Gas Ltd., Mobil Oil Nigeria Plc., NIPCO Plc.

Others were Northwest Petroleum & Gas Ltd., Rahamaniyya Oil & Gas Ltd, Rain Oil Ltd., Sahara Energy Resources Ltd., Rainoil Ltd., Sahara Energy Resources Ltd., Shorelink Oil & Gas Services Ltd., Sift Oil Ltd.,Techno Oil Ltd and Total Nigeria Plc.

"In addition, earlier in the year, a total of N135,696,269,214.05 was paid to Oil Marketers in respect of verified 2011 and 2012 arrears. Thus, the total amount paid to Oil Marketers so far in 2013 is N192,502,279,966.50", it further said.

The Ministry said, "this was in line with the continued commitment to manage fuel subsidy payments in a transparent and efficient manner that protects and enhances the interests of the Nigerian people".

The Ministry further said it made payments based on batches of claims as submitted by the Petroleum Products Pricing Regulatory Agency (PPPRA).

The post Fuel Subsidy: FG pays N192bn to marketers appeared first on Peoples Daily Newspaper, Nigeria.

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[Folami David]

The whole subsidy thing was a shocker to most Nigerians but now that it's happened there is nothing no one can do about it.

[Folami David]

This just goes to show again that we have lots of money in this country yet we're seeing no development in our economy.