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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Website Notify me of follow-up comments by email. This shall be rport 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 basis of false claims. Ice Energy had failed to either appear or submit documents to the House committee.
June 23, Will not be published. The lawyer stated that by choosing the bank boss to chair the committee, Mr. They were interviewed by various panels constituted by the committee and the outcomes of these interviews are also captured in the report.
Nigeria to revamp mines, steel sector Next. These opportunities were clearly exploited by both the operators and the regulators of the process to the detriment of the country.
Imoukhuede, Ice Energy Petroleum Trading Limited, was indicted by the House of Representatives committee which probed the fuel subsidy payments. Jonathan had shown his unwillingness to prosecute indicted officials and companies in the fuel subsidy scam. Strategic petroleum products were then sold at highly subsidised prices. Posted August 1, 0.
Aig-Imoukhuede Committee unravels how petroleum subsidy was shared
Civil society groups have condemned President Goodluck Jonathan for appointing Aigboje Aig-Imoukhuede, the Group Managing director of Access Bank, as chairman of the man committee to verify and reconcile all claims made in the report of a Technical Committee set up to review fuel subsidy payments.
NNPC refined the crude oil and sold the derived petroleum products at controlled and highly subsidised prices approved by the Government. NNPC was therefore deducting the approved subsidy amounts for any given month before transferring the net amount to the Federation Account. 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.
subsiyd The Aig-Imoukhuede led committee charged with verification and reconciliation of fuel subsidy claims and payments has indicted 21 firms of committing subsidy fraud to the tune of N billion and recommended their prosecution to the Presidency. In addition, oil marketing and trading companies must comply with the guidelines going forward. 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: I will like to summarise them as follows: Aig-Imoukhuede Committee unravels how petroleum subsidy was shared July 2, Home Market — Finance Industries Goverment.
Jonathan and other actions and statements of the President as steps that are taking Nigeria backward. 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:.
He rport 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. He described the appointment by Mr. So, the actual amount that was being verified is Nbn.
Aig-Imoukhuede Committee unravels how petroleum subsidy was shared – SweetCrudeReports
wig In this article featured Other News. 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.
Of this amount, N21bn was cleared and that leaves Nbn as the sum in contention for which the committee recommended that the process susidy recovery should be made. The Nigeria National Petroleum Corporation was set up to manage both the downstream and upstream sectors of the oil industry.
This was never sustainable and has led to a convoluted accounting process for cost recovery, with significant arrears of payment due to NNPC. Obviously, the first is the recovery of the said amount. From October on the directive of Government, NNPC was allottedbarrels of crude daily for domestic consumption at the prevailing international market price. While the Committee wig detailed reviews of several aspects of the subsidy payment subisdy, 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: Contact Us Privacy-Policy Terms.
Aig Imoukhuede Subsidy Committee head subsidy fraud.
The imbalance created by the arrangement led reportt the introduction of the subsidy aaig in existence today. The inability of PPPRA to use subisdy transparent basis of determining the conversion factor created opportunities for manipulation of the volume of imported products for which subsidy was paid. He disclosed that the committee also recommended total deregulation to the Presidency as the way out of the subsidy fraud.
The Committee recommends that the determination of the conversion factor of PPPRA be made transparent to eliminate manipulation of the volume of import products for which subsidy should be paid. Details of the Committee findings: 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