Federal Government releases N161

Posted by admin Latest Politics, Oil Politics Wednesday, January 9th, 2013

The Coordinating Minister for the Economy and Minister of Finance,
Dr Ngozi Okonjo-Iweala has refuted media reports which allege that
the Federal Ministry of Finance is blocking verified payments to
marketers.

According to the Minister, the Finance Ministry made the N161.6
billion supplementary budget for subsidy payments which had been
approved by the National Assembly available to the Central Bank of
Nigeria since December 31, 2012.

The payments are presently going through the CBN’s processes
which include the conversion of the dollar equivalent from the
Excess Crude Account and will be concluded soon.

She confirmed that payments totalling N94 billion have been verified
for 23 marketers who will be paid in the next few days.

“We are committed to paying all companies who deserve to get
subsidy payments just as we will not pay undeserving firms. That is
the mandate we have from the President”, Dr Okonjo-Iweala
declared. wp_posts