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PPPRA tells Marketers, Bankers: Rest Assured, Subsidy Payments will be made in 2012

By on February 20, 2012

In order to forestall any shortages that may arise in the supply and availability of petroleum products in the country, the Petroleum Products Pricing Regulatory Agency (PPPRA) has sent clear signals to importers and their financier, Nigerian banks, that it will continue to process subsidy payments in 2012.

The PPPRA has announced that it has completed payments for all 2011 importers under the subsidy scheme.

Speaking to journalists on Friday, the Executive Secretary of the PPPRA, Mr. Reginald Stanley disclosed that adequate provision for subsidy has been proposed for the 2012 budget and all fears should be allayed.

He said, “While marketers have been holding back to Imports due to the unavailability of credit lines by banks, the recent pronouncement of proposed N888bn for subsidy provided in the 2012 budget should give enough comfort, both to the marketers and banks to resume imports very aggressively”.

Also speaking on the performance review for importers in the 4th quarter, 2011, Mr. Stanley disclosed that the review had gotten to the middle stages and marketers/importers were found to have achieved a performance of 27%.

He said, “There will be a final appraisal of the fourth quarter performance on March 31, 2012 and companies that did not perform up to expectation will not only be sanctioned but will be dropped in subsequent quarters.”