Subsidy claims: Oil marketers confirm payments

The Federal Government has finally began the payment of subsidy claims to oil marketers after a prolonged delay over technical hitches as claimed by the Finance Minister.

Three weeks ago, the National Assembly passed the sum N161bn fuel subsidy supplementary budget for the payment of subsidy claims to oil marketers.

It was gathered that the Federal Government has so far disbursed N94b to 23 oil marketers that have completed their paper work.

A senior official of an oil-banking firm confirmed the payment of the oil subsidy money; he however, spoke in confidence.

He said he was not allowed to speak on the issue yet confirmed that some of the oil marketers who had completed their paper work were paid on Wednesday.

He commended journalists for the role they played in exposing the state of the subsidy account because that was the very act that prompted the FG to start paying them, he said.

He said, “We commend you for the report exposing the emptiness of the fuel subsidy account because it was that story that triggered them to start paying us our subsidy claims.

“I can confirm to you now that they have started paying us subsidy claims and it is our hope that this will continue so that marketers can continue to import petroleum products to meet the demands of Nigerians.”

Minister Of Finance,Okonjo-Iweala

According to Okonjo-Iweala, who briefed journalists in Abuja on Tuesday, the account was empty because of delays in transferring the money from a dollar account to naira account.

She said the transfer process normally takes four to five days.

She said, “It doesn’t normally take very long if they were already money in the domestic Excess Crude Account to honour it and this takes immediately.

“Sometimes, we have to shift money from one account to the other, and usually, if the money is in the dollar accounts for the excess crude and we have to shift it to the naira account, that means it will be converted into naira by the central bank and we have to authenticate the amount and so on.

“So, between the central bank and the Ministry of Finance, it takes between four to five days to accomplish, and the central bank is of course very strict because it has to have all the documentations, but I have been informed just before I came in that the money is being credited to the account now as we speak.”

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One Comment

1. 

   Oloja

   January 11, 2013 at 6:38 pm

   It is now clear that those that mischief makers are just raising false alarm in order to ensure that the Minister of Finance look like she is not interested in paying subsidy to the oil marketers. I think it is about time that we appreciated the effort of this great woman who is ensuring that real changes are implemented inthe payment of subsidy instead of the way it has been done in time past.