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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There has been no consensus among the three tiers of Government Federal, State and Local to support the funding of the PSF since its creation in Disclaimer Comments expressed here do sibsidy reflect the opinions of vanguard newspapers or any employee thereof.
February 21, Nigeria to revamp mines, steel sector Next. The imbalance created by the arrangement led to the introduction of the subsidy scheme in existence today.
The Committee recommends that suubsidy eligibility criteria for oil marketing and trading companies in the PSF guidelines should be revised by PPPRA to include the following: NNPC was therefore deducting the approved subsidy amounts for any given month before transferring the net amount to the Federation Account.
This shall be a deterrent against the presentation of false subsidy claims by oil marketing and trading companies and provide recourse to the banks if subsidy was on the imoukhusde of false claims.
The Aig-Imoukhuede-led committee report on subsidy – integrity nigeria
There was no documentary evidence that this process was duly authorised by law, by the PSF guidelines or by any duly designated Government agency and there is therefore no legitimate backing for the current practice. Website Notify me of follow-up comments by email. 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:.
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. There is an obvious need to regulate the roles of NNPC in the downstream sector in the import, refining, storage, supply, distribution and retailing of petroleum products. 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.
THE revision of the eligibility criteria for oil marketing and trading companies in the PSF guidelines by PPPRA amended the requirement for the proof of ownership of storage facilities with a minimum storage capacity of 5,MT for the particular product to include a valid throughput agreement of storage facility with a minimum storage capacity of 5,MT for the particular product.
Home Market — Finance Industries Goverment. Posted October 19, 1.
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. This opened up opportunities for participation by companies with no investment in infrastructure relevant to the role on oil kmoukhuede and trading companies in the PSF scheme.
In order to correct this situation, the Government has to implement at least one of the following options: Aig Imoukhuede Subsidy Committee head subsidy fraud. 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 repprt process for the private sector and would require a thorough forensic audit covering but not limited to the following: The Nigeria National Petroleum Corporation was set up to manage both the downstream and upstream sectors of the oil industry.
Imoukhuede on both the technical committee and the man panel has already discredited whatever report emanates from them.
The Aig-Imoukhuede-led committee report on subsidy (4)
The role of NNPC as a supplier and distributor of petroleum products could be summarised as follows:. Obviously, the first is the recovery of the said amount. This led to a situation where the Federal Government agreed with NNPC to deduct its approved subsidy claims from its crude cost obligations. Notify me of follow-up comments by email. The inability of PPPRA to use a transparent basis for the conversion factor from metric tonnes to litres used in the PPPRA template created opportunities for abuse in the determination of the volume of imported products for which subsidy should be paid.
In order to correct this situation, the Government has to implement at least one of the following options:.
Posted August 1, 0.