SUBSIDY PAYMENTS: FINANCE MINISTRY RELEASES N161 BILLION TO CBN

FEDERAL MINISTRY OF FINANCE

News Release. January 8, 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.

Paul C Nwabuikwu
Special Adviser to the Coordinating Minister for the Economy and Minister of Finance

It is obvious that PUNCH has turned to the Opposition attack dog. One is tempted to ask; On whose side are they? The masses or the cabal?

So PUNCH wants subsidy money to be released to claimants without proper checks and verification. Well, NOI is not one to be blackmailed into such booby traps.