Subsidy: Nigeria pays N56.7bn to 14 oil marketers

22 September 2012, Sweetcrude, ABUJA – NIGERIA’S Finance Minister and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala said, Friday, the government has this week paid a total of N56.7 billion to 14 oil marketers as fuel subsidy claims for 2012.

The Minister, who disclosed this while addressing journalists in Abuja, said the latest payment brings the total amount paid as subsidy claims for 2012 to N393 billion.

Mrs Okonjo-Iweala listed the beneficiary companies to include Bovas and Company Limited, Folawiyo Energy Limited, Forte Oil Plc, Ibafon Oil Limited, Integrated Oil and Gas Limited, MRS Oil Nigeria Plc, NIPCO Plc, Oando Plc.

Others are Northwest Petroleum and Gas Limited, Rainoil Limited, Shorelink Oil and Gas Services, Swift Oil Limited, Techno Oil Limited and Total Nigeria Plc.

The Minister said based on the report of the Aig-Imoukhuede committee “we’ve been able to make some additional payments to marketers this week of N56.7 billion.”

“We’ve made payments to 14 marketers, most of them are the major marketers who have been screened successfully now by the Aig-Imoukhuede committee,” she added.

Mrs Okonjo-Iweala said that a total of N30 billion has been released for the actualization of the Subsidy Re-Investment Programme.

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  • Government must continue to meet its contractual obligations to its contractors in a timely manner, this is the proper thing to do.