Subsidy: Finance ministry re-introduces oil & gas monitoring unit

Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala has said she would re-introduce the oil and gas monitoring unit in the Federal Ministry of Finance to provide oversight over the oil sector and ensure strict compliance with extant laws and regulation.

Fielding questions at her second appearance before the House of Representatives Ad-Hoc Committee on Fuel Subsidy Management yesterday, Dr Okonjo –Iweala said the previous oil and gas monitoring unit she had set up during her previous stint as Finance Minister helped the country to recover N180 billion. She said some international oil companies were made to pay the country $1.2 billion following a study of their contractual obligations.

The minster reiterated her commitments to help government in fighting corruption and improving efficiency by plugging wastages and ensuring more transparency and accountability in the management of public resources.

“We must get at the truth because the country needs every kobo we can find. I will not invent any answers to shield anybody,” Okojo-Iweala said.

She noted that subsidy was not an ideological issue but the challenge was to ensure that subsidies are properly targeted to get to the people who need it most.

According to her, the bulk of the subsidy wasn’t going to the target population and this is money that could be used to create additional jobs such as the 370,000 new job scheme government is planning, more investment in agriculture and rural development, which will benefit more people.

http://www.thenationonlineng.net/2011/index.php/business/33889-subsidy-finance-ministry-re-introduces-oil-gas-monitoring-unit.html