ABUJA — The Federal Government has spent N1.440 trillion on recurrent and capital expenditures in the last six months just as it has set up a committee made up of bankers and fuel importers to manage subsidy. These facts were disclosed, yesterday, by Finance Minister, Dr. Ngozi Okonjo-Iweala.

Okonjo-Iweala, while addressing newsmen in Abuja, said a committee made up of bankers and petroleum product importers had been set up to ensure accountability in the management of fuel subsidy funds, noting that payment would commence at the end of the investigation.
She said: “We need to verify 2011 arrears to make sure the arrears were paid to the people that imported fuel. It is to make sure that payments are made correctly. Of the N888 billion appropriated for subsidy in 2012, N451 billion of that were arrears for 2011. It was at this point that I directed that we slow down payment to make sure that payments are genuine
http://www.vanguardngr.com/2012/06/2012-budget-n1-440trn-spent-so-far-say-okonjo-iweala/