Nigeria’s finance minister, Ngozi Okonjo-Iweala has set an agenda for the Buhari administration: to tame urgently the oil cartel holding the nation to ransom.She spoke in Abuja today to refute the claim by the oil marketers that the nation is owing them another N200.2bn, just after the government paid them N156bn.

She said by government’s computation, the outstanding amount is about N131bn billion.Okonjo-Iweala urged the marketers to be patriotic in their decisions by considering the interest of Nigerians who always bear the brunt of their actions, noting that they should not by their actions hold the country to ransom.The marketers had claimed that the government’s indebtedness to them for oil subsidy was about N354,4bn.

Confirming the figure, the Executive Secretary, Major Oil Marketers Association of Nigeria, Mr.Thomas Olawore, had said, “The government had paid N154.2bn out of N354.4bn and we areleft with a balance of N200.2bn.“What happens to the N200.2bn? That is why we requested that the government invite us sothat we can be told how it intends to liquidate the remaining N200.2bn.

But the minister said this figure could not be correct, noting that the balance that is left based on Petroleum Pricing Products Regulatory Agency’s template is about N131bn.She said, “As you know, we paid N156bn recently, N100bn of the principal payment that we owe them and then we paid N56bn interest rate and some remaining exchange rate differentials.“Prior to that, we have just paid N31bn exchange rate differentials. So at the time we paid that last week, what we had outstanding is N98bn.”According to her, every week, the Petroleum Products Pricing Regulatory Agency sends data and that is what government only subscribe and certified as what is due to marketers.“As at now, since we made the announcement last week, it has now risen from N98bn to N131bn outstanding in principle payment.“And they are now making a demand of N200bn and I asked them what is the balance for,” she added.

She likened the oil marketers to a small cartel that are into a no risk business based on template negotiated with PPPRA long time agowhich factored in exchange rate differential, and profit margin guarantee.This situation, she said, leaves them with absolutely no risk.She said. “It has become a situation where we have a cartel that can ground the nation to a halt at will. I strongly suggest that the nation has to do something about it.

source:http://www.pmnewsnigeria.com/2015/05/04/okonjo-iweala-to-buhari-you-must-do-something-about-oil-cartel/

Maybe he will perform magic

This madam is very funny, for six years what did she and her boss do, the persons that were indicted in subsidy fraud how many did they prosecute ?? now the floor is open , let the TANIOD come and defend her

How long has this woman being coordinating minister for economy (more or less the prime minister?) why didn't she do it? Is she admitting that the government she is part is weak?

This 'Scam' of a woman shld jst shut up..

"You had the chance to make pot outta clay, you didn't do it. Now you expect some1 to make a human"..Na thunder go strike you for those your fat cheeks

Ma'am cn u jst shut de fvck up

so madam u knew about oil cartel for the past 6yrs and u de come blow us strong grammar for TV??

God go soon catch u

buhari must jail this woman even if he disn't jail anyone else, its a shame we are from the same state

wilybebsy:
Ma'am cn u jst shut de fvck up

ACDEF...GMB...HIJKLNOPQRSTUVWXYZ

Gr8amechi:
This madam is very funny, for six years what did she and her boss do, the persons that were indicted in subsidy fraud how many did they prosecute ?? now the floor is open , let the TANIOD come and defend her

Gr8amechi:
This madam is very funny, for six years what did she and her boss do, the persons that were indicted in subsidy fraud how many did they prosecute ?? now the floor is open , let the TANIOD come and defend her

Mynd44:
How long has this woman being coordinating minister for economy (more or less the prime minister?) why didn't she do it? Is she admitting that the government she is part is weak?

Where in the article did she ask Buhari to do something about them and when in the last 4 years and 9 months (not 6 years as ignorant people say) that she's been part of this govt has the fuel situation even this bad?

If Buhari and his team must be sincere to themselves, they should know this is one of the grim situations he and his team must fight to a halt and not those bogus claims of, 'I will bring down pump price of oil to one ludicrous figure' or 'I will make N1 at par with $1' or 'I will create 3million jobs every year'......The seat of the President is a hot seat especially at such a time like this....this cartel (that are more of Military personnel) must be crushed for Nigeria to live. God bless NOI!

Babaonechance won't be having it smooth at all. I am waiting to see how he will deal with the issue of oil cartel in the country... GEJ my HERO! FAYOSE my ROLE MODEL!!

This woman is not serious rara.

Btw, that's what we've been shouting. Remove subsidy and let's manage the situation till our refineries are put in place by Nigerian engineers. We have the skills and resources. Fuel subsidy must go and that's the only 'something' Buhari can do about the oil cartel.

Naija must be great o

Sunnybobo3:


Where in tge article did she ask Buhari to do something about them and when in the last 4 years and 9 months (not 6 years as ignorant people say) that she's been part of this govt has the fuel situation even this bad?

read the first paragraph, how can she set agenda for someone when she has been in power but did nothing, now why did she not instigate her boss to do the needful to the cartel, for how many years this administration has been saying there is a cabal does it mean there are people stronger than the FG ?? sworn in as a president

Burger01:
This woman is not serious rara.

Btw, that's what we've been shouting. Remove subsidy and let's manage the situation till our refineries are put in place by Nigeria engineers. We have the skills and resources. Fuel subsidy must go and that's the only 'something' Buhari can do about the oil cartel.

Naija must be great o

GEJ promised to build or rather make our refineries working 24 months after the 2012 subsidy crisis but today how many of them are working instead of throwing the people into suffering the govt can borrow money, repair the refineries then can raise money from the refined products to pay back its as easy as that if the govt has the masses at hand

Sunnybobo3:


Where in the article did she ask Buhari to do something about them and when in the last 4 years and 9 months (not 6 years as ignorant people say) that she's been part of this govt has the fuel situation even this bad?

Where in my post did I mention her referring to Buhari? And did you read the first paragraph?
If she has been there for +4 Years and not realize what a small group of people with so much power can do who should I blame?
Why did she not envisage this problem?

Gr8amechi:
read the first paragraph, how can she set agenda for someone when she has been in power but did nothing, now why did she not instigate her boss to do the needful to the cartel, for how many years this administration has been saying there is a cabal does it mean there are people stronger than the FG or what exactly ?? remember GEJ became acting president in 2009 and was sworn in 2010 as a president

Look me in the face and tell me she did nothing.

satelliteDISH:
ACDEF...GMB...HIJKLNOPQRSTUVWXYZ

wat?

Mynd44:

Where in my post did I mention her referring to Buhari? And did you read the first paragraph?
If she has been there for +4 Years and not realize what a small group of people with so much power can do who should I blame?
Why did she not envisage this problem?

Was the first paragraph a statement made by her and are you not aware that she fought tge cartel and brought down the subsidy payment from more than 2 trillion naira to less than 1 trillion naira?

tomakint:

Look me in the face and tell me she did nothing.

tell me what she did

Sunnybobo3:


Was the first paragraph a statement made by her and are you not aware that she fought tge cartel and brought down the subsidy payment from more than 2 trillion naira to less than 1 trillion naira?

can you answer this question? which govt before her time played 2 trillion as subsidy, just show me any of the past administration budget showing that, this shows she is fraud simple

Sunnybobo3:


Was the first paragraph a statement made by her and are you not aware that she fought tge cartel and brought down the subsidy payment from more than 2 trillion naira to less than 1 trillion naira?

Fighting the cartel only by reducing the amount paid? Sorry this kind of behaviour is what lost GEJ the election.

You know these people can shut the country and nothing was done to checkmate them.
You did not try to revamp the refineries
Not try to break up their hold by bringing others in. Maybe hold auctions and let then bid
You did not have means of storing these products so even if they decide to act up, you are insured.
Mediocrity is not something you should defend

Gr8amechi:
read the first paragraph, how can she set agenda for someone when she has been in power but did nothing, now why did she not instigate her boss to do the needful to the cartel, for how many years this administration has been saying there is a cabal does it mean there are people stronger than the FG or what exactly ?? remember GEJ became acting president in 2009 and was sworn in 2010 as a president

First off, GEJ became acting president in February 2010 and was sworn in as president on 5th May 2010.

Was the first paragraph a statement made by Iweala ?

You said she did nothing, we're you the one that brought subsidy payment down from almost 3 trillion naira in 2011 to less than 1 trillion in subsequent years?

Not in defence of NOI but those who asked what she did about oil cartel only expressed their paucity of knowledge in the common history of Nigeria. Whose brainchild is subsidy removal on petroleum products?


Do you think the existence of the cartel started during Jonathan’s administration?


The cartel is older than many people posting on NL and comprises very powerful Nigerians. It's more than just criticizing.

Sunnybobo3:


First off, GEJ became acting president in February 2010 and was sworn in as president on 5th May 2010.

Was the first paragraph a statement made by Iweala ?

You said she did nothing, we're you the one that brought subsidy payment down from almost 3 trillion naira in 2011 to less than 1 trillion in subsequent years?

my question is why is it that GEJ admin. was the first to budget 3 trillion as subsidy, mention any other admin. in your sefence

why couldn't she advise GEJ Mofo

Gr8amechi:
GEJ promised to build or rather make our refineries working 24 months after the 2012 subsidy crisis but today how many of them are working instead of throwing the people into suffering the govt can borrow money, repair the refineries then can raise money from the refined products to pay back its as easy as that if the govt has the masses at hand

That's a good idea. ...and after that they remove and 'kill' subsidy for eternity.

25 more days to 'changeover'. Nigeria would be great again. It's well with Nigeria.

Jonathan said it is cabal.
Madam Minister say na cartel.
Both of them no fit mention their names let alone fight them.
Are these cabal or cartel so strong that they can hold the whole country to ransome?Dem no be God now. Person wey God no fit catch, He never create such. Above all, God is watching.

nerodenero:
Jonathan said it is cabal.
Madam Minister say na cartel.
Both of them no fit mention their names let alone fight them.
Are these cabal or cartel so strong that they can hold the whole country to ransome?Dem no be God now. Person wey God no fit catch, He never create such. Above all, God is watching.

Bruhs, they are all the same. From Jonathan to the least cabal/cartel, they are all thieves. How I wish naija is China or Indonesia, all these nonsense no go surface by the time they comot the thieves heads put for museum. We need drastic measures in this country to be great again. Drastic measures and sacrifices must be made. We just have to get there by any means. Enough is enough. I don't pray for my children and grand children to pass through the mess we passing through now. Let's make it well for them..

It's well with Nigeria, best nation in the continent

nerodenero:
Jonathan said it is cabal.
Madam Minister say na cartel.
Both of them no fit mention their names let alone fight them.
Are these cabal or cartel so strong that they can hold the whole country to ransome?Dem no be God now. Person wey God no fit catch, He never create such. Above all, God is watching.

abegeeee no mind sone people when no dey greeee talk truth, which kind cartel strong pass govt, that means the govrt is really a weakling

Gr8amechi:
abegeeee no mind sone people when no dey greeee talk truth, which kind cartel strong pass govt, that means the govrt is really a weakling

Abi o. Na govt be the cartel, cabal, alibabas and Jugnu. Bunch of corrupt entities.

Is she (Iweala) not part of the cartel rubbish.