FG Pays N192.5bn Subsidy Claims to Marketers

 Ngozi Okonjo Iweala, Finance MINISTER

Ejiofor Alike

As part of the Federal Government’s renewed commitment to ensure availability of petroleum products at subsidised prices, the Federal Ministry of Finance has stated that it had paid a total of N192, 502, 279, 966.50 as subsidy claims to marketers since the beginning of 2013.

The Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Mr. Paul Nwabuikwu, said in a statement yesterday that of this figure, N135,696,269,214.05 was paid to the marketers in respect of verified arrears of 2011 and 2012 claims.

Nwabuikwu said the balance of N56,806,010,752.45 was paid to 19 marketers in respect of 2013 verified claims for 39 different transactions as at June 10, 2013.

He said the payment was in line with the continued commitment of the Federal Ministry of Finance to manage fuel subsidy payments in a transparent and efficient manner that protects and enhances the interests of the Nigerian people.

He listed the 19 marketers that were paid a total of N56,806,010,752.45 as subsidy claims for 2013 to include Aiteo Energy Resources Limited (one claim); Ascon Oil Company Limited (two claims); A-Z Petroleum Products Limited (two); Bovas & Company (one); Folawiyo Energy Limited (three); and Forte Oil Plc (two).

Others include Gulf Treasures Limited (one); Integrated Oil and Gas Limited (three); Masters Energy Oil and Gas Limited (two); Mobil Oil Nigeria Plc (two); NIPCO Plc (three); Northwest Petroleum and Gas Limited (three); Rahamaniyya Oil and Gas Limited (three); and Rainoil Limited (one).

The rest of the marketers are Sahara Energy Resources Limited (three); Shorelink Oil and Gas Limited (two); Swift Oil Limited (one); Techno Oil Limited (two); and Total Nigeria Plc (two).

“Please note that the Federal Ministry of Finance makes payments based on batches of claims as submitted by the Petroleum Products Pricing Regulatory Agency (PPPRA),” Nwabuikwu said.

THISDAY gathered that though the marketers have received N56.8 billion as claims for 2013, the actual amount owed the marketers as 2013 claims stood at an estimated N120 billion, excluding that of the Nigerian National Petroleum Corporation (NNPC), which imports more petroleum products than all the private marketers put together.