The Nigerian Government has reduced public spending on oil subsidy payments from N2.2 trillion in 2011 to N971 billion last year, the Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, has disclosed. She noted that this represents a reduction of over N1.2 trillion or 56%.

Dr. Okonjo-Iweala recalled the background to the high profile issue which generated immense public concern. Said she in a statement signed by her Special Adviser, Paul C Nwabuikwu:

“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 we put in place different checks 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, something that should make Nigerians proud of their government.”

According to the statement, “Also, in furtherance of the Jonathan administration’s commitment to transparency and accountability in the management of fuel subsidy payments, the Federal Ministry of Finance has released the sum of N46,764,191,448.16 as latest payment to oil marketers whose claims have successfully gone through the verification process.”

TABLE 1: BATCH E/13 (11 OIL MARKETERS)

S/NO.	VERIFICATION DATE	BATCH NO	OIL MARKETERS
1	30-Apr-13	E/13	AITEO ENERGY RESOURCES LIMITED
2	30-Apr-13	E/13	CONOIL PLC
3	30-Apr-13	E/13	DEE JONES PETROLEUM & GAS LTD
4	30-Apr-13	E/13	FORTE OIL PLC
5	30-Apr-13	E/13	GULF TREASURES LIMITED
6	30-Apr-13	E/13	INTEGRATED OIL AND GAS LIMITED
7	30-Apr-13	E/13	MOBIL OIL NIGERIA NIGERIA PLC
8	30-Apr-13	E/13	NIPCO PLC
9	30-Apr-13	E/13	SAHARA ENERGY RESOURCES LIMITED
10	30-Apr-13	E/13	SWIFT OIL LIMITED
11	30-Apr-13	E/13	TECHNO OIL LTD
SUB-TOTAL			N17,297,152,579.25

TABLE 2: BATCH F/13 (19 OIL MARKETERS)

S/NO.	VERIFICATION DATE	BATCH NO	OIL MARKETERS
1	15-May-13	F/13	AITEO ENERGY RESOURCES LIMITED
2	15-May-13	F/13	AVIDOR OIL & GAS COMPANY
3	15-May-13	F/13	DEE JONES PETROLEUM & GAS LTD
4	15-May-13	F/13	DOZZY OIL AND GAS LIMITED
5	15-May-13	F/13	GULF TREASURES LIMITED
6	15-May-13	F/13	HEYDEN PETROLEUM
7	15-May-13	F/13	IBAFON OIL LIMITED
8	15-May-13	F/13	INTEGRATED OIL AND GAS LIMITED
9	15-May-13	F/13	IPMAN INVESTMENT LTD
10	15-May-13	F/13	IPMAN REFINERY AND MARKETING COMPANY LTD
11	15-May-13	F/13	MASTERS ENERGY OIL AND GAS LIMITED
12	15-May-13	F/13	MRS OIL & GAS COMPANY LTD
13	15-May-13	F/13	NIPCO PLC
14	15-May-13	F/13	NORTHWEST PETROLEUM AND GAS LTD
15	15-May-13	F/13	OANDO PLC
16	15-May-13	F/13	RAINOIL LIMITED
17	15-May-13	F/13	SHORELINK OIL AND GAS LTD
18	15-May-13	F/13	TECHNO OIL LTD
19	15-May-13	F/13	TOTAL NIGERIA PLC

SUB-TOTAL			N29,467,038,868.91

TOTAL	46,764,191,448.16

This means that, so far in 2013, a total of N287,351,770,696.16 has been paid in verified claims to verified marketers.

•Photo shows Okonjo-Iweala.

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