THE Federal Government reduced public spending on oil subsidy payments from N2.2 trillion in 2011 to N971 billion in 2012, a statement from the Federal of Finance has indicated. This represents a reduction of over N1.2 trillion or 56%, according to the release from the ministry.
Speaking on the issue, the Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala recalled the background to the high profile issue which generated immense public concern.
“In 2011, there was a huge public outcry. As a result, this administration has worked hard to clean up the process of subsidy payments. In response the ministry set up the Aig-Imoukhuede committee which investigated the subsidy payments. The committee was later elevated to a Presidential Committee by Mr President,” Dr Iweala explained.
She explained that the ministry hired new auditors and put in place different checks and balances, adding that “ last year, we brought subsidy payment down to about N950 billion, and we expect that this year, we will pay about N971 billion.
“I believe this is a huge achievement for which the Jonathan administration deserves some credit, something that should make Nigerians proud of their government,” the coordinating minister noted.
The statement from the ministry stated further that “in furtherance of the Jonathan administration’s commitment to transparency and accountability in the management of fuel subsidy payments, the Federal Ministry of Finance has released the sum of N46,764,191,448.16 as latest payment to oil marketers whose claims have successfully gone through the verification process.
“This means that, so far in 2013, a total of N287,351,770,696.16 has been paid in verified claims to verified marketers,” the statement signed by Paul C Nwabuikwu, Special Adviser to the Coordinating Minister noted.
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