Jonathan under fire for appointing Aig-Imoukhuede to subsidy verification panel in the report of a Technical Committee set up to review fuel subsidy payments. Oil Subsidy Cabal’s Plot to Rubbish Aig-Imoukhuede’s Report Uncovered!! *** Jonathan Directs EFCC to Arrest Subsidy Thieves. Aig-Imoukhuede committee submits preliminary report on fuel subsidy Jonathan on the verification of the fuel subsidy claims and payments.
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The Nigeria National Petroleum Corporation was set up to manage both the downstream and upstream sectors of the oil industry. Addressing State House correspondents in Aso Villa yesterday after the committee tendered their report to the President, the Chairman said the companies involved were 21 and refused to reveal their identities. At that time, the subsidy was paid based on the difference between the price at which NNPC sold to the marketing companies and the cost of crude oil refining.
The PSF scheme was under-funded and therefore the NNPC used a combination of proceeds from its subsidised collections from products sales at the depots and the subsidy claims approved by PPPRA to settle the gross amount for the cost of crude oil it purchased.
The imbalance created by the arrangement led to the introduction of the subsidy scheme in existence today. Please click here if you are not redirected within a few seconds.
The Aig-Imoukhuede-led committee report on subsidy (4)
Rsport company owned by Mr. So, the actual amount that was being verified is Nbn. Imoukhuede on both the technical committee and the man panel has already discredited whatever report emanates from them.
NNPC was therefore deducting the approved subsidy amounts for any given month before transferring the net amount to the Federation Account. NNPC refined imokhuede crude oil and sold the derived petroleum products at controlled and highly subsidised prices approved by the Government.
Website Notify me of follow-up comments by email. Subsidy on petroleum products has been an issue since the s when demand for petroleum products was met solely from local production.
Aig-Imoukhuede Committee unravels how petroleum subsidy was shared – SweetCrudeReports
Lagos lawyer, Ssubsidy Ogunye, believes that the presence of Mr. February 21, He described the appointment by Mr. In order to correct this situation, the Government has to implement at least one of the following options:. Posted October 19, 0. There was no evidence that PPPRA excluded any oil marketing and trading company from the PSF Scheme for two successive quarters or more as stated in the terms of the import permits from PPPRA in spite of the fact that there were various instances where oil marketing and trading companies did not import the allocated volume of petroleum products.
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Imoukhuede, Ice Energy Petroleum Trading Limited, was indicted by the House of Representatives committee which probed the fuel subsidy payments. Posted August 1, 0. Following the insistence by many Nigerians that the House report be implemented, the Federal Government set up the Technical committee headed by Mr. The Committee was unable to examine all the above to the extent required and therefore recommends that the Federal Wubsidy appoints consultants to carry out the forensic audit of the NNPC subsidy claim process.
The Aig-Imoukhuede-led committee report on subsidy – integrity nigeria
June 23, They were interviewed by various panels constituted by the committee and the outcomes of these interviews are also captured in the report.
Home Market — Finance Industries Goverment. Civil society groups have condemned President Goodluck Jonathan for appointing Aigboje Aig-Imoukhuede, the Group Managing director of Access Bank, imoukhuexe chairman reporr the man committee to verify and reconcile all claims made in the report of a Technical Committee set up to review fuel subsidy payments. The creation of the Petroleum Support Fund PSF in was therefore an effort at addressing the challenges subxidy the subsidy scheme.
Notify repotr of follow-up comments by email. Abuse of the due diligence aiig for applicants to the PSF scheme, lack of transparency in the process for import allocations, payment of subsidies to oil marketing and trading companies in spite of lapses in presented documentation and the inability of PPPRA to use effective vessel tracking tools to verify the status and location of the vessels supposedly used to import petroleum products and to compare such information with the details on presented bills of lading contributed to the creation of opportunities for abuse of the subsidy payment process.
The Committee recommends that the eligibility criteria for oil marketing and trading companies in the PSF guidelines should be revised by PPPRA to include the following: While the Committee conducted detailed reviews of several aspects of the subsidy payment process, it is noted that the process for NNPC is significantly more it- than the process for the private sector and would require a thorough forensic audit covering but not limited to the following:.
While the Committee conducted detailed reviews of several aspects of the subsidy payment process, qig is noted that the process for NNPC is significantly more it- than the process for the private sector and would require a thorough forensic audit covering but not limited to the following: In addition, oil marketing and trading companies must comply with the guidelines going forward.
Subsidy Fraud: Aig-Imoukhuede led Committee Indicts 21 Firms on N382 billion
The role of NNPC as a supplier and distributor of petroleum products could be summarised as follows:. Strategic petroleum products were then sold at highly subsidised prices. Ice Energy had failed to either appear or submit documents to the House committee.
This opened up opportunities for participation by companies with no investment in deport relevant to the role on oil marketing and trading companies in the PSF scheme. The Committee recommends that the eligibility criteria for oil marketing and trading companies in the PSF guidelines should be revised by PPPRA to include the following:. By Afolabi Ogunde on July 25, imoukhuwde Aig Imoukhuede Subsidy Committee head subsidy fraud. He said the committee had built an airtight case that would be difficult to challenge in court, and he said the President displayed unique wisdom in staffing the committee with technocrats who have vast experience.
August 1, 0. Of this amount, N21bn was cleared and that leaves Nbn as the sum in contention for which the committee recommended that the process of imoukhude should be made. Nigeria to revamp mines, steel sector Next.
Disclaimer Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof. In this article featured Other News. Jonathan subsidg other actions and statements of the President as steps that are taking Nigeria backward.
He imoukhuedd it called to question the credibility of people around the President. The lawyer stated that by choosing the bank boss to chair the committee, Mr.