Amid the ongoing investigation into the management of petrol subsidy, the Federal Government has removed 98 companies from the list of importers of the product into the country.

A total of 140 companies were discovered by the House of Representatives to have imported petrol in 2011, for which more than N1.7tn had been paid as subsidy claims.

The Federal Government’s action implies that only 42 companies will benefit from the N656bn provided in the 2012 budget for subsidy payment.

The spokesman of the Petroleum Products Pricing Regulatory Agency, Dr. Wole Adamolekun, confirmed the removal of the fuel importers from the 2012 operations in an interview with our correspondent in Abuja.

He, however, said PPPRA had only 125 fuel importers on its list before the government’s action.

The House of Representatives’ Ad-hoc Committee on the Subsidy Regime led by Mr. Farouk Lawan, had discovered that 49 companies imported fuel in the first quarter of 2011, but the number dramatically increased to 140 at the end of the year.

“As far back as December 2011, we had on our own reduced the number of importers from 125 to 42,” Adamolekun, however, explained.

He said the new PPPRA management led by the Executive Secretary, Mr. Reginald Stanley, did so without any prompting from outside.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, had recently hinted that the PPPRA and the Ministry of Petroleum Resources would trim the number of importers.

She had explained that the trimming was to ensure proper monitoring, as the administration of the subsidy regime would not continue the way it had been run.
.

”


http://www.punchng.com/business/business-economy/petrol-subsidy-fg-sacks-98-importers/

I all know is that it takes two to tango!. PPPRA and the Ministry of Petroleum Resources ,Should be number one to be trimmed.you cant prepare omelet without breaking eggs.

They r coming with more dribbles,i don sit down with pop corn and zobo dey watch,i no say d 656bilion no go get change,walahi

Its a step in the right direction if i should borrow naija govt. slangs. They should slash it further by basing their approval on meeting the consttuted requirement set for marketers, uppermost among which is building despensing units accross the states of the federation.

Enough of stories Nigerian need tangible results

And the corruption in the subsidy saga still remain. When subsidy per litre was #70, FG claimed that they paid #1.3trillion. When the subsidy per is reduced to #35, they budget #656 billion for it. What is the difference here?

Good but what about all the money they stole. I also want to see it returned and people jailed

nice move, lets hope they will hold their grounds permanently.

names people,names! State the coys that ve been removed and lets know those that are still allowed to import.

i hope this action will not bring back the bad old days of perennial fuel scarcity?

jedisco:

Good but what about all the money they stole. I also want to see it returned and people jailed

Did they steal any money? Some of you still cannot read or what?

Ogbodavies:

They r coming with more dribbles,i don sit down with pop corn and zobo dey watch,i no say d 656bilion no go get change,walahi

what a combination

mohid:

names people,names! State the coys that ve been removed and lets know those that are still allowed to import.

Forget this side, as the names are still downloading. Imagine what will happen, when a set of 3 coys out of these importers will pull resources together to put up a refinery, we'll be talking of 14 new refineries. "Imagine the possibility"

all4naija:

Indict them! What's happening!?

your talking as if you don't know this is naija!