The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said, yesterday, that the Federal Government would recover the excess payments made to petroleum marketers on subsidy, as soon as the Aigboje Aig-Imoukhuede committee completes its assignment.

She revealed this after the second Prof. Barth Nnaji annual lecture at the Enugu State University of Technology, Enugu.

President Goodluck Jonathan established the Aigboje Aig-Imoukhuede Committee, on Thursday, to reconcile the findings of the Technical Committee set up by the Federal Ministry of Finance to conduct a detailed review of all subsidy claims and payments made in 2011.

According to the minister, the Presidential Committee, which has been given a tight deadline of one week, would enable marketers, who may doubt the report of the Technical Committee, to come forward and be confronted with the bare facts of the earlier committee’s findings.

Okonjo-Iweala noted that although over 50 per cent of the N888 billion fuel subsidy, budgeted for 2012, has been utilized owing to the heavy 2011 arrears, substantial recovery would be made from the excess payments which would augment the current balance.

Her words, “In terms of the subsidy, it is true that we budgeted N 888 billion for the year. We have used N451 billion of that. We still have N370bn left that we are working on. So it is not like all the money is finished and we will be working on that.

*Ngozi-Okonjo-Iweala

“As you know, there was a recent report to verify 2011 arrears that , with the support of Mr. President, I set up, and chaired by Aig-Imokhuede. We set it up in the Ministry of Finance and they have worked. They used over 20 forensic accountants and bank examiners. As a result, Mr. President two days ago, constituted a Presidential Task Force, also chaired by Mr. Aig-Imokhuede, to try and just complete work on the verification and then begin the recovery.

“The verification is to give a chance to any of those marketers who say, ‘oh, maybe you got it wrong here or there’ to come forward. And the President has given them a very tight deadline of about a week. When we finish with that, then the next stage will be for us to try and get our money back.

“We must get some of those resources back. Let’s wait for the resources to come back. I am sure Nigerians will like that and then we can take it from there.

“President Jonathan has directed the 15-member committee, headed by Mr. Aigboje Aig-Imoukhuede, to begin work immediately and conclude its assignment by 1700 hours on Friday, July 13, 2012 as a prelude to immediate action on all identified cases of fraud”.

Earlier in her lecture, the minister noted that science and technology holds the key to the much-needed rapid development and, therefore, must be accorded a place of priority by government at all levels, on the one hand and the private sector on the other.

She lamented the abysmal attention science and technology currently suffers in both sectors and, therefore, called for a closer collaboration between the two with a view to creating the efforts that would transform research findings in the laboratories of universities and research institutes to increased industry production, in the country.

The minister also called for concerted efforts towards diversifying the nation’s economy which depends on oil as its major foreign exchange earner. Sectors that require immediate attention according to her, include agriculture, solid minerals, and services

jmaine:

http://www.vanguardngr.com/2012/07/how-well-recover-subsidy-loot-by-okonjo-iweala/

ndu_chucks: If there is a plan to recover the stolen subsidy funds, the looters must have been identified to the satisfaction of the authorities. Why then has not a single person been arrested while they go after the looted funds? Who's fooling who?

Captainajama: Shallow thinking,did you read the article at all? Your answer is there,and to help you more,that report was compromised and now,some marketers are doubting and soon their doubts will be cleared. We are practicing democracy where everything follows a laid down process. If GEJ orders arrests and prosecution without complete report of proper investigations,you will be one of the first to pick up arms against him with your fellow bunch of ne'er do well blind and biased critics.

ndu_chucks:

Tell that to the birds and bees. Report or no report, there is ample evidence of fraud and prosecution of some of the fraudsters should proceed with immediate effect. The EFCC has enough to arrest some of these thieves now and prosecute them successfully with or without the subsidy report. WTF are they waiting for?

ndu_chucks: If there is a plan to recover the stolen subsidy funds, the looters must have been identified to the satisfaction of the authorities. Why then has not a single person been arrested while they go after the looted funds? Who's fooling who?

Mandelaguy: You are blind to reason,is there anywhere in the world people are arrested and prosecuted successfully without damning conclusive evidence? I now see the the reason why EFCC lost some cases that should have been home and dry.

ndu_chucks:

There is more than enough evidence to arrest some of these people and file charges against them with or without the subsidy report. If that is not clear to you, I'm afraid you are the one blind to reason and clueless on law enforcement processes. There are individual cases of blatant fraud which can be prosecuted immediately and it is foolish and senseless to wait for some dumb report before these rogues are prosecuted.

ndu_chucks:

There is more than enough evidence to arrest some of these people and file charges against them with or without the subsidy report. If that is not clear to you, I'm afraid you are the one blind to reason and clueless on law enforcement processes. There are individual cases of blatant fraud which can be prosecuted immediately and it is foolish and senseless to wait for some dumb report before these rogues are prosecuted.

People, can't you see the connection? Saharareporters,el rufai,Bakare,ayittey ,momodu,etc. these are all frustrated people who would have le us have each if they were in Aso rock. The truth is that the are now peddling everything they can to their gullible followers and as you can see, the s.t.up.id professor has been given the audacity to insult all of us. By calling our president a lunatic,he has called us all lunatics,including the idi...ots that encouraged the insult on our nation and sovereignty. We should tell his president to caution him and for Bakare, he is not a pastor....we know the ones that are pastors. He has compromised his faith,yes,a long time ago!

Gbawe:

Ndu Chucks, I herebey order you off this thread !!!! Have you been on Mars ? Did you not get the memo about 'the code of conduct' when blind and sycophantic support of this discredited government is seen? Simply check user name and all will be revealed !!!! The month of June has seen thousands (thanks to 40 laptops in Abuja) join NL to be saying the same monotonous thing always tediously limited to licking GEJ's azz and attacking Saharareporters,El Rufai, Bakare, Buhari, Tinubu and even the lizard that looked at GEJ 'funny'. Ndu Chucks, take your time OOO . I credited you with more intelligence than engaging these folks. How will they leave this forum if you keep granting them audience

Captainajama Joined NL June 12 2012 (same day as OP i.e Mandelaguy who foams at the mouth when 40 laptops is mentioned with no one calling his name).

Captainajama's post:

https://www.nairaland.com/captainajama/posts

Typical post virtually identical to that of other 'new' members who 'joined' NL in June:

karl max: Lagos State, according to the breakdown, is the most indebted state of the federation. With a total foreign debt of $369.20m (N55.38bn), Lagos holds about 20 per cent of the country’s sub-national foreign debt stock. ACN states are increasing the nations depts what do Ʊ have to say about that and how many faroukas were. Ʊ paid from this borrowed money

Gbawe:

At least I did not join NL in June 2012. Additionally, when I joined NL , it was not to be saying the same thing, limited to the same characters, like a broken record or a Laptop in Abuja.

The Laptop crew go leave town whether una like am or not. Na Gbawe talk am

Gbawe:

Ndu Chucks, I herebey order you off this thread !!!! Have you been on Mars ? Did you not get the memo about 'the code of conduct' when blind and sycophantic support of this discredited government is seen? Simply check user name and all will be revealed !!!!

The month of June, miraculously, has seen thousands (thanks to 40 laptops in Abuja) join NL to be saying the same monotonous thing always tediously limited to licking GEJ's azz and attacking Saharareporters,El Rufai, Bakare, Buhari, Tinubu and even the lizard that looked at GEJ 'funny'. Ndu Chucks, take your time OOO . I credited you with more intelligence than engaging these folks. How will they leave this forum if you keep granting them audience

Captainajama Joined NL June 12 2012 (coincidentally the same day as OP i.e Mandelaguy who foams at the mouth when 40 laptops is mentioned with no one calling his name).

Captainajama's post:

https://www.nairaland.com/captainajama/posts

Typical post virtually identical to that of other 'new' members who 'joined' NL in June:

All this their shout that govt is up to something is to redirect our psyche and think it is business as usual. This time,their sins found them out and when some of them see no escape route,they will help us catch their partners in crime. Thieves and unpatriotic citizens! abeg Ngozi show them what women can do when challenges arise and help me tell Diezani that nothing do her.

warrior01: See the way gbawe or what is he called cleverly avoided the question directed at him. A confirmed first class liar and hypocrite.

All those who took bribes in awarding the contract for Africa’s first liquefied natural gas plant will soon be charged to court, the Attorney-General of the Federation and Minister of Justice, Mohammed Bello Adoke, said yesterday in Abuja.

https://www.nairaland.com/506743/government-begin-trial-halliburton-bribe

[size=14pt]He said the Federal government is close to prosecuting those indicted in what has come to be known as the Halliburton bribe scandal. The trial is expected to boost Goodluck Jonathan’s anti-corruption credentials as the 2011 elections approach.[/size]

Mr. Adoke who spoke to NEXT in an exclusive interview in his office yesterday, however refused to name those on the list.

Investigations by United States law enforcement agencies have named past Heads of State – the late Sani Abacha, Abdulsalami Abubakar and Olusegun Obasanjo – among those linked with the scandal.

ndu_chucks:

There is more than enough evidence to arrest some of these people and file charges against them with or without the subsidy report. If that is not clear to you, I'm afraid you are the one blind to reason and clueless on law enforcement processes. There are individual cases of blatant fraud which can be prosecuted immediately and it is foolish and senseless to wait for some dumb report before these rogues are prosecuted.

Gbawe:

At least I did not join NL in June 2012. Additionally, when I joined NL , it was not to be saying the same thing, limited to the same characters, like a broken record or a Laptop in Abuja.

The Laptop crew go leave town whether una like am or not. Na Gbawe talk am

karl max: Lagos State, according to the breakdown, is the most indebted state of the federation. With a total foreign debt of $369.20m (N55.38bn), Lagos holds about 20 per cent of the country’s sub-national foreign debt stock. ACN states are increasing the nations depts what do Ʊ have to say about that and how many faroukas were. Ʊ paid from this borrowed money

karl max: Lagos State, according to the breakdown, is the most indebted state of the federation. With a total foreign debt of $369.20m (N55.38bn), Lagos holds about 20 per cent of the country’s sub-national foreign debt stock. ACN states are increasing the nations depts what do Ʊ have to say about that and how many faroukas were. Ʊ paid from this borrowed money

Kobojunkie:

I do have a question for you. Are you against State's having debts? or is this just another one of them YOUR-PARTY-WORSE-PASS-OUR-OWN argument's?

Johndoe100:

Another unmistakably circular argument from our dear kobo. You gotta love her.

@gbawe
I am surprised to read posts by you. I thought you had run away with your tail firmly tucked between your legs. Your masters sent you back?