The Federal Government of Nigeria on Thursday confirmed a fresh payment of N156 billion to oil marketers which added up to N500 billion within the past five months.

A statement from the federal ministry of finance signed by Paul Nwabuikwu, Special Adviser to the Coordinating Minister and Minister of Finance said the latest payment was "in line with the Federal Government’s commitment to prioritise payment to marketers in spite of revenue constraints."

He said the payment had two components with the first "consists of the cash backing of the N100 billion IOU which the marketers were given in March while the second is N56 billion in interest payments for the marketers according to the PPPRA template."

Nwabuikwu disclosed that there still remains "a balance of N98 billion certified by PPPRA as the amount owed the markers."

Nwabuikwu noted that "the N156 billion is the latest in a series of significant payments made to the oil marketers within the last five months. These include over N300 billion in two instalments in December last year and N31 billion in interest differentials recently. In all, oil marketers have received over N500 billion within the past five months."

According to Okonjo-Iweala, “the Federal Government has made maximum effort, in spite of the well-known fact that the fall in oil prices has significantly reduced national revenues, to prioritize payments to marketers. For the sake of Nigerians who are bearing the brunt of fuel scarcity, the marketers should reciprocate in the spirit of dialogue and cooperation in which we have always tried to engage them."

On the recent fall out of the released forensic report on Nigerian National Petroleum Corporation (NNPC) by PricewaterhouseCoopers (PwC) the Minister of Finance, Dr Ngozi Okonjo-Iweala said she has heard that SIAO Partners, a group of three accounting firms, has filed a suit against her before a Lagos High Court.

Reacting to the law suit, Nwabuikwu said "the Minister is yet to be formally notified of the suit but from information gleaned from media reports, the group is alleging that she appointed the global audit firm PricewaterhouseCoopers (PwC) to conduct the recently concluded forensic audit of the Nigerian National Petroleum Corporation (NNPC) against the provisions of the Local Content Act."

Nwabuikwu described the said court action as "spurious in the extreme", arguing that Okonjo-Iweala did not appoint the PWC to carry out the audit.

Source:http://nairausd..com/2015/05/fg-pays-over-n500b-to-oil-marketers-in.html

When will these scams end?

StarboyMichael:
When will these scams end?

What did you mean by scam

Ok oooo. We shall get to the root of this scam...

socialmediaman:
Ok oooo. We shall get to the root of this scam...

It you insist it's a scam proof it

Well I think the former CBN governor who was one of those championing for fuel subsidy removal explained it. Read my article on this issue:

https://www.nairaland.com/2256275/petrol-subsidy-removal-not-affect

ifyan:


It you insist it's a scam proof it

socialmediaman:
Well I think the former CBN governor who was one of those championing for fuel subsidy removal explained it. Read my article on this issue:

https://www.nairaland.com/2256275/petrol-subsidy-removal-not-affect

Sorry For my misunderstanding,I t you were referring to the federal government.

I am also with you in this.