Fuel Subsidy: FG to pay 23 marketers N94 billion “in the next few days”

Posted by News Express | 8 January 2013 | 3,541 times

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Fuel subsidy payments totalling N94 billion have been verified for 23 marketers and “will be paid in the next few days.”

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed this today in a press statement issued by her Special Adviser, Mr. Paul C Nwabuikwu.

“We are committed to paying all companies who deserve to get subsidy payments just as we will not pay undeserving firms. That is the mandate we have from the President,” Dr. Okonjo-Iweala declared.

The minister refuted media reports which allege that the Federal Ministry of Finance is blocking verified payments to marketers.

The ministry, according to her, made the N161.6 billion supplementary budget for subsidy payments which had been approved by the National Assembly available to the Central Bank of Nigeria since the 31st of last month.

Okonjo-Iweala disclosed that the payments are presently going through the CBN’s processes which include the conversion of the dollar equivalent from the Excess Crude Account and will be concluded soon.  

•Photo: Dr. Okonjo-Iweala.

Source: News Express

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