The monthly allocation among the three tiers of government was yesterday put off due to a disagreement arising from certain deductions made by the Nigerian National Petroleum Corporation (NNPC) and the Petroleum Product Pricing Regulation Authority (PPPRA). The Nigerian Compass gathered that the meeting was stalemated because of the alleged deduction of N100 billion by NNPC supposedly for fuel subsidy while the PPPRA also deducted N230 billion for the same purpose.

Meanwhile, the Minister of Finance and Coordinating Minister for Economy, Dr. Ngozi Okonjo-Iweala, has given an insight into why the 2012 Budget benchmark was reduced from $75 per barrel to $70 per barrel.

She said it was because of the volatility and uncertainty in the international scene as well as in the oil market that necessitated the decision to review the benchmark downward.

When confronted with the allegation of deadlock in the allocation to the tiers of government, the Minister of State, Finance, Dr. Yerima Lawan Ngama, was not forthcoming until Dr. Okonjo-Iweala came to his aid by offering explanation that in her opinion might have led to the deadlock.

She said: read morehttp://nigeriancompass.com/index.php?option=com_content&view=article&id=6643:nnpc-pppra-deductions-of-n330b-stall-monthly-allocations-&catid=54:nigeria-today&Itemid=594