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Aig Imokhuede Sends Subsidy Claims Report to FG

By on June 27, 2012

Aigboje Imokhuede, the Managing Director of Access bank and the head of the Subsidy Claims Audit Committee has transmitted his report to the Coordinating Minister of the Economy, Okonjo Iweala who has also reportedly transmitted it to the President.

Aigboje was appointed the committee head in May this year with a view to auditing the subsidy arrears claims being made by the oil marketers.

In 2012 alone, out of N 888 billion budgeted for fuel subsidy, over N 510 billion has been applied as payment to oil marketers for 2011 subsidy claims. This leaves a shortfall of N 387 billion for spending in 2012, meaning even more money will have to be applied to offset 2012 arrears in the 2013 budget.

Details of the Subsidy claims audit report are still enshrouded in secrecy however sources say the committee has unraveled hundreds of billions of Naira in fraudulent payments to major oil marketers in the country.