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It noted that, “Previous issues of the NEITI quarterly review showed that disbursements in the first three quarters of 2016 were below the figures for the first three quarters of 2015. However, this trend was bucked in the fourth quarter of 2016, when disbursements climbed to N1.343tn, a nine per cent increase on the corresponding quarter of 2015.”

“What Dangote is doing is marvelous. We need to commend them. The way they led the backward integration policy to turn around our fortunes in the cement industry. I am delighted to see the development here bigger that what I saw the last time. And we are looking at how we can replicate the successes in the cement industry in other non-oil sectors of our economy.”

“For the avoidance of doubt and most crucially, it is entirely incorrect and thus false that we are indebted to NNPC in the amount that you have indicated or any other monies whatsoever. The correct position is that we do not owe NNPC the debt that you allege or any monies that can form the subject of the recovery action to which you allude,” the statement noted.