Subsidy Claims: ‘I Released N161bn To CBN’

The Co-ordinating Minister for the Economy and Minister of Finance, has refuted media reports alleging that the Federal Ministry of Finance is blocking verified payments to marketers.

According to her, the Finance Ministry made 161.6 billion supplementary budget for subsidy payments, which had been approved by the National Assembly.

Already, the Office of the Accountant-General of the Federation has begun payment of fuel subsidy claims to marketers.

Okonjo-Iweala, who disclosed this while briefing newsmen in Abuja yesterday, said the National Assembly had approved a supplementary budget of N161 billion to help clear the marketers’ subsidy claims for 2012. “I was informed just before I came in here that the money is being credited to the accounts now as we speak. “You know the conversion is being done and it’s being credited to the accounts, so, marketers who said that they have not been able to access should go now, today and take their money. “It’s not something that takes a month but it’s normally less than a week, they are crediting the accounts now by the Accountant General of the federation.”

She attributed the delay in the payment to the process of conversion of the money from a Dollar crude account to domestic Naira account.

“As at December 31st, 2012, the Ministry of Finance had approved for this money to be available in the Central Bank accounts where they can be accessed by the marketers once they have presented their papers and their sovereign debt notes had been issued. “I understand what is being done at this moment is that that money is being converted from dollars – because it is out of our crude oil earnings – into naira “And that takes a few days, so a few technical issues are being done but it’s being done now, the conversion and the money is available.”

According to her, 23 oil marketers had so far completed their paper work for a total claim of N94 billion. She said the amount had been approved and paid to them, adding that others were expected to complete their paper work to enable them access their monies.

Okonjo-Iweala said, “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.”