THE Federal Government has directed the Debt Management Office (DMO) to commence payment of fuel subsidy expenditures incurred by marketers whose claims had been verified by supporting Sovereign Debt Notes issued by Petroleum Products Pricing and Regulatory Agency.

A statement signed by Senior Special Assistant (Media), Paul Nwabuikwu to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the order was issued to reinforce the Federal Government's determination to ensure that there is no disruption in fuel supplies across the country.

Okonjo-Iweala said following the report of the Presidential Committee headed by Mr. Aigboje Aig-Imoukhuede, it was clear that some marketers also owed government significant sums of money which will be paid.

The minister said in view of the assurance of funds to meet marketers' claims there was no reason for marketers or other stakeholders to go on strike because government is addressing subsidy payment issues in a structured way that will continue to protect the interests of the country and those of genuine marketers.

It will be recalled that payments based on verified claims resumed after the June meeting of the Federation Accounts Allocations Committee (FAAC) when payments totaling N17 billion were made.

To prevent over payments, verification of claims is a cornerstone of the procedures adopted by the Federal Ministry of Finance for managing fuel subsidy payments.

The oil marketers have over the past few weeks been threatening to suspend fuel imports if government refused to pay some of their outstanding fuel subsidy claims, stressing that the high cost of bank credit was eating up their profit margins.

c-baba:
Here we go AGAIN...round what is this sef? anyway...BELL DINGS!!!

To prevent over payments, verification of claims is a cornerstone of the procedures adopted by the Federal Ministry of Finance for managing fuel subsidy payments.

c-baba:
Here we go AGAIN...round what is this sef? anyway...BELL DINGS!!!

edicolove:

Is it that you didn't read the article or you didn't understand it? Let us know your case so we can address it accordingly because the article is what is referred to as self explanatory.

ifihearam:

Every mumu wants to comment with low or no understanding of simple written english. Smh

lookmangiw: *steps in, discover that the thread is full of 40 laptop squad, runs out*

c-baba:
Here we go AGAIN...round what is this sef? anyway...BELL DINGS!!!

lookmangiw: *steps in, discover that the thread is full of 40 laptop squad, runs out*

ola4yinka: This is fraud !...they just want it to really appear like there's subsidy after sponsoring the said marketers to threaten to go on strike if they are not paid....shioooor !

ifihearam:

Every mumu wants to comment with low or no understanding of simple written english. Smh

Pataki:

What an irony. A certified illiterate yapping about understanding of simple written English.

Nairaland has surely got it all!

Beaf:

Please, attend to the topic, not to people.
What useful contribution do you have (if any), sir?

@topic
It is great to see the untouchable, mafia-like petroleum sector being reformed at last; no payment without verification. Witnessing current events is like a dream, lets all dig in to ensure that the current actions come to fruition.

Beaf:

Please, attend to the topic, not to people.
What useful contribution do you have (if any), sir?

@topic
It is great to see the untouchable, mafia-like petroleum sector being reformed at last; no payment without verification. Witnessing current events is like a dream, lets all dig in to ensure that the current actions come to fruition.

noblezone: As simple as A B C:

Let subsidy go completely.

Let market forces determine the prices of petroleum products.

Competition will set in. Bonanza and promotion will come in. "Buy 50 litres, get 1 free" will become normal.


No body will threaten us with strike and price hike anymore.

This is wisdom but it seems Nigerians are blind.

ifihearam:

Every mumu wants to comment with low or no understanding of simple written english. Smh

Pataki:

Please shut it. Hypocritical tool telling me to attend to topic, when you are grossly in the error of shouting SaharaReporters down anytime they produce the truth about this clueless administration, and leaving the message they have brought forth. Did you tell your fellow laptop squad to address the topic when he posted his claptrap which I addressed? And you pathetic lame bunch will start screaming of internet intimidation.

@topic
We have been down this road before. Nothing new with this clueless administration. The untouchable, mafia-like petroleum sector is not being reformed. Recycled balderdash when we known the government of the day is nothing but CORRUPTION empowered. Witnessing anything otherwise is like a dream, lets all dig in to ensure that the same recycled malady does not continue to prevail.

Beaf:

Bruv, no fall my hand like dis, abeg!

The importers who claim subsidies are very different from NUPENG, which consists of the tanker drivers you see under Ijora bridge and the tanker owners. It was NUPENG that threatened to go on strike, and (just to re-iterate) they have nothing to with subsidies.

dedeike:
God bless you. This is exactly what I have been saying ever since. I don't know whether it's rocket science to understand this.
We need private sector participation in our oil refining. We have issued licenses in the past yet the recipients can't operate because it's much easier, better and more profitable to import and collect subsidy money. Secondly, no body invests in a sector where govt fixes prices. After producing, you wake up in the morning to hear that govt has fixed another price.

The way forward is simple. Remove subsidy. Allow for market forces to determine price. Private sector will come in to invest in refineries. Prices will be high initially but after the completion of the refineries, competition will drive prices down. We may only need to pay as low as N45.00 per litre being cost of production and transportation locally. There will be massive employment opportunities. Importation will end. No more window for official corruption through subsidy payments. The cabal will now rest.

c-baba:
Here we go AGAIN...round what is this sef? anyway...BELL DINGS!!!