FG Uncovers Overpayment Of N430bn To Fuel Marketers - Politics - Nairaland
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| FG Uncovers Overpayment Of N430bn To Fuel Marketers by Beaf: 5:38am On Jun 27, 2012 |
[size=14pt]FG Uncovers Overpayment of N430bn to Fuel Marketers[/size] 26 Jun 2012 Ejiofor Alike  Mr. Aigboje Aig-Imoukhuede The committee headed by the Managing Director and Chief Executive Officer of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, which was set up by the Federal Ministry of Finance to verify arrears of claims on petrol subsidy for 2011 has uncovered overpayments amounting to N430 billion to private oil marketers and importers, THISDAY has learnt. THISDAY gathered that there were discrepancies in the amount of subsidy claims made by some of the marketers and the volume of products they imported during the period under investigation. The committee, which will be formally submitting its report to the Minister of Finance and Coordinating Minister for Economy, Dr. Ngozi Okonjo-Iweala, today in Abuja, also discovered that some of the affected marketers included companies that did not feature in the report of the ad hoc committee of the House of Representatives that probed the administration of fuel subsidies. When contacted by THISDAY, several members of the committee refused to comment on the content of the report. “It will be unfair for me to comment on a report we have not submitted to the government. We concluded the report last week but the minister was outside the country. The report will be submitted this week and until that is done, I cannot comment on the content,” said one of the members. However, a source privy to their findings and recommendations told THISDAY that the marketers whose subsidy claims were established to contain discrepancies would be asked to either refund the difference to the government treasury or will not be entitled to payments for outstanding claims until they are netted off. A presidency source confirmed that the finance ministry would try to establish a methodology on how it shall get the marketers which had been paid subsidies to which they were not entitled to, to refund the money. “They would be compelled to either refund it to the treasury or if a marketer is discovered to have been overpaid, the amount will be netted off against any outstanding claims it might have,” he said. He explained that though the Federal Government had already spent more than 50 per cent of what was budgeted for subsidy payments in the 2012 budget on 2011 arrears, the finance ministry was not considering submitting a supplementary budget to meet its obligations for the rest of the year. “The minister (Okonjo-Iweala) is trying to work out the methodology to plug the leaks in the system and would rather do this than submit a supplementary budget to President Goodluck Jonathan for onward delivery to the National Assembly, as this could lead to fiscal expansion and more borrowing. “It is not in her agenda to submit a supplementary budget, as whatever method she uses to get marketers to cough up what they owe the government will lead to savings for the federation,” he explained. Of the N888 billion earmarked to subsidise petrol and kerosene in the 2012 budget, N232 billion was meant to settle the 2011 arrears. However, the Ministry of Finance revealed recently that it had spent N451 billion of the N888 billion on the payment of arrears for 2011. A further N17 billion was paid on 2012 subsidy claims, but the ministry suspended further payments on 2011 and 2012, pending the submission of the committee led by Aig-Imoukhuede. With the committee concluding its findings, subsidy payments will resume next month. http://www.thisdaylive.com/articles/fg-uncovers-overpayment-of-n430bn-to-fuel-marketers/118767/ |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by Nobody: 5:46am On Jun 27, 2012 |
What really happened to 2011 subsidy funds? I am just wondering why not 2009 or 2010? Why 2011? 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, 2011, Subsidy funds were used to finance 2011 elections. 3 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by Beaf: 5:57am On Jun 27, 2012 |
bayooooooo: What really happened to 2011 subsidy funds? I am just wondering why not 2009 or 2010? You are funny. The subsidy racket has been going on since Abacha's time, when the good General built a private refinery in Ivory Coast with FG money and burst NNPC, so he and his cronies were the only ones importing fuel. I bet our know alls in 9ja couldn't speak at the time, cos it would simply have attracted a bullet from Sgt. Rogers. Abacha wasn't a man of many words. However, these days, it is fashionable for clever people to blame the man that has opened their eyes to the way the citizen was being phucked. 9ja is a weird and wonderful place indeed! You help a man, only for him and his family to spit on you and call you a fool; as GEJ said, "ITS A BIG BUSINESS."  6 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by ifihearam: 9:56am On Jun 27, 2012 |
This country sha They still billions like its millions Na wa oo |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by alahamad(m): 9:57am On Jun 27, 2012 |
This news is a big lie....they are trying to creat a measure of "fake sanity" so people feel they are indeed fighting corruption. List their company names if its true.... Blady vagabonds taking a whole country of about 150million folks for a roler-coaster ride... God purnish GEJ nd all d fools who have been stealing our country dry... 6 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by unclebros: 9:57am On Jun 27, 2012 |
am tired of these expositions without actions. SEC Scam, Pension Scam, Oil subsidy scam, Femi-Farouk Scam, GEJ media chat scam  Am beginning to suspect that Nigeria is a scam too Honestly, our problem is not corruption because there is corruption all over the world. As long as you have human beings with blood flowing in their veins, there will be corruption. NIGERIA'S PROBLEM IS IMPUNITY  People commit crime and walk away like who wants to be a millionaire. 18 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by ifihearam: 9:58am On Jun 27, 2012 |
@emelach Stop stalking everyone here with ur rubbish Since its free then enjoy it urself na |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by ebamma(m): 10:03am On Jun 27, 2012 |
are the telling us that,450billion naira,was wrongly paid to importers,imagine the scam going on in this country,and yet still many of our citizens die because the can't afford 25,000 naira for dialysis. 1 Like |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by mkpologwu(m): 10:04am On Jun 27, 2012 |
Name names of d companies pls! Am tired of crime news without anyone being convicted! |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by NAJALYN: 10:05am On Jun 27, 2012 |
Good job. |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by jamace(m): 10:07am On Jun 27, 2012 |
Hmnn.  |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by SkyBlue1: 10:10am On Jun 27, 2012 |
Interesting news. Important to note though, that the only step that will seal any measure of confidence as far as I am concerned is succesful prosecution of all found complicit (sucessful enough to evoke maximum sentences for the crime). We have heard it all before. I am willing to give them a week to see if they will pursue this route properly since the house does not seem to be taking this issue seriously. On a side note, can someone please inform me what our AGF has been doing please. Adoke, what have you been doing? ? |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by alahamad(m): 10:11am On Jun 27, 2012 |
Beaf: As for you ....PRO retardeen media office. Even if Abacha nd his cabal were wicked enough to build refineries outside and be the only ones importing product, the most important thing is that the people are not sufering the effect of such wicked act....unlike the present wicked X Devilish = GEJ The economy can be in the highest trouble for all I care but the comon man had light, food prices where regulated and business was possible. There was hope but just within a year, one single administration stole what could feed 10 african nations for a long time without blinking.....dude do you know what it means to waste $20billio u s d b 2 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by inspirenet: 10:14am On Jun 27, 2012 |
Beaf: |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by SkyBlue1: 10:15am On Jun 27, 2012 |
al-ahamad: Who had light? Do you think you are speaking to nursery school children here? When people lie can they at least try to do it properly, this is just getting utterly ridiculous. Have you no shame? In this fourth republic, prices have gone up for every successive year. Heck inflation has been a serious problem since Babangida. So what are you talking about? Spin another yarn. There are many holes one could pick with this administration but you comparison is utterly absurd. |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by forkadict(m): 10:19am On Jun 27, 2012 |
Beaf:Na God go punish you dis boy! If you have been blind since the day you were born does not make others blind too. I for one, and many other posters here told your stoooooooopid, idio.tic, confused and cluelessssss boss that increasing the pump price of fuel was not the way forward. That he should fight corruption in the oil sector. You were one of the people who claimed that the best way to deal with corruption in the oil sector was to increase the pump price of petrol. now if i ask you, wasn't the increase just meant to inflict unnecessary hardship on hapless nigerians? Your i.diotic boss emptied the treasury just to fund the 2011 presidential elections.That is why you and many other nigerians are so scared of naija having an honest man as our presido cos you know what will happen to your likes. No wahala. 2015 is around the corner. By God's grace corrupt and asssslicking low lifes and parasites like you who survive on this country thru corruption will have to pack and relocate to Benin republic. Cos we will make you guys vomit every single naira you have stolen. 5 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by Delafruita(m): 10:24am On Jun 27, 2012 |
Beaf:whydo you always assume people reading your posts are not knowledgeable?we know how much obasanjo was paying on subsidy yearly,we even know how much was paid in 2010 which was 557billion.how did it jump to almost 3 trillion in 2011?we know how many companies imported fuel under obasanjo i.e. 6.yar'adua didnt increase it.within 4 months under GEJ,they rose to 128.and you are here saying bladderdash.we are not ignorant of your tactics o 5 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by Nobody: 10:25am On Jun 27, 2012 |
How many times we go hear govt uncovers, probes, set up commitees, investigates and in all this they havent indicted the culprits and serve them capital punishment. We dont even know who they are now with this new twist.even when they get caught, we just hear some news about it and it fizzles away. The money train continues riding on. |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by forkadict(m): 10:25am On Jun 27, 2012 |
ifihearam: This country shaNope. They steal billions like a few hundreds of naira. sometimes i wonder if those guys that report those figures know what a billion naira is. to worsen issues, the Shell MD today said that naija loses about N800B annually thru oil theft. Are you forking kidding me? about N800,000,000,000:00 lost annually? yet we are worse of than citizens of some countries whose annual budget is just about or a little above this figure? No power, no roads, no security of lives and property, education zero, health zero, corruption is just a NORMAL way of life? God! naija makes me sick! 2 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by Dpeacemaker101: 10:27am On Jun 27, 2012 |
fork adict:please beaf tell them ooo, Nigerians can be so deceived at times oo. GEJ is working so hard for the good of this country and some people would stop at nothing but criticize and blame him for anything. |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by edicolove: 10:27am On Jun 27, 2012 |
al-ahamad: Typical Boko Aram agent trying to throw lies and propaganda around. I know you guys won't give up on your agenda to make the country ungovernable, but you will fail. The worst case scenario is that the country will split. David Mark has warned you. You better heed his warning now! |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by alahamad(m): 10:30am On Jun 27, 2012 |
Sky Blue: Ur a small fry nd I don't have typing space for die-hard GEJ shyt-boxes like u..... Maybe you were still in dipers not to have known that electricity supply was far better back then compared to now... Shege bunsuru dan Akuya... |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by Chanchit: 10:30am On Jun 27, 2012 |
Now it has showed that paying for the subsidy is not the real problem, the real fraud stars, headed by GEJ are the main problem.. Who r they protecting..? Let them release the names of the companies, and also return the fuel prize to its formal prize, since the scheme is to embezzle... 2 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by edicolove: 10:32am On Jun 27, 2012 |
Delafruita: And we also know how fuel scarcity finally stopped during GEJ. Or you think it was just a miracle? The rise is cost of subsidy money is directly proportional to the rise in supply of fuel. You dig it? 1 Like |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by edicolove: 10:35am On Jun 27, 2012 |
al-ahamad: Die hard boko aram shyte box like you. Electricity was not better back then. Electricity usage has even tripled since then so its actually better now. Terrorist like you! |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by SkyBlue1: 10:36am On Jun 27, 2012 |
al-ahamad: You lied, you were caught out. Stop embarassing yourself further. Electricity supply has not significantly changed overall in the country for the past decade. Again, you don't have to lie to make a point. Of course you cannot respond to this with facts because you were caught up in a nursery school lie. 1 Like |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by forkadict(m): 10:37am On Jun 27, 2012 |
Delafruita: I wonder if the likes of BEEF and other PRO GEJ actually have a conscience. I doubt if they actually ask themselves if were are better of as a nation under GEJ. The idi,ots can not even mention just one achievement naija has recorded since the dum.b one assumed office. All they do is attack and counter attack anti GEJ posters who ask them questions about their fooooolish idol and hero's achievements. 3 Likes |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by alahamad(m): 10:38am On Jun 27, 2012 |
edicolove: My dear edico-shyt....if I was boko-haram, I would not kill u nd push u to hell just yet, I'll chop off your fingers 1 after the other nd feed to my rots then when am thru wif you, I give my mastiff the pleasure of pushing you to the pits of hell...where you nd ur generation belong Wawa kawai..... |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by Ortis: 10:40am On Jun 27, 2012 |
al-ahamad:al-ahmed u ar a pound of big fool....y calling GEJ,i guex u didnt remember that ur people waz recorded d highest thieives......looting of public funds started 4rm GEN.IBB to GEN.BUHARI to SHEHU SHAGARI to GEN.ABACHA.....i guex ur nasty little eye needs to b illuminated cos it is blinded by tribal nd religous hatred in ur nasty blur mind.....fools lyk u wil end up as sucide bombers...,GEJ did ntin he is just tryin 2 help develop dat dirty,backwords,old fashion nd corrupt north of urs which ur past northern leaders culdnt develop 1 Like |
| Re: FG Uncovers Overpayment Of N430bn To Fuel Marketers by AtheistD(m): 10:44am On Jun 27, 2012 |
bayooooooo: What really happened to 2011 subsidy funds? I am just wondering why not 2009 or 2010? A lot of the 2011 figures were for previous years. They owed some marketers as far back as 2009 and still have not paid. Right now the 2012 expenditure has been back payments to marketers owed. Add interest and of course other costs and you will see that the figure will be much higher than initially predicted. If they do a probe next year they will ignore all of that and claim that all that money was paid to the marketers in "shubshidy scam". Did anyone notice that a lot of companies have still not been paid? If they are still awaiting payment then how come the report claims that they all need to refund the money? |
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