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.
The Committee was unable to examine all the above to the extent required and therefore recommends that the Federal Government appoints consultants to carry out the forensic audit of the NNPC subsidy claim process.
Aig-Imoukhuede Committee unravels how petroleum subsidy was shared
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 of determining the conversion factor created opportunities for manipulation of the volume of imported products for which subsidy was paid.
Of this amount, N21bn was cleared and that leaves Nbn as the sum in contention for which the committee recommended that the process of recovery should be made. June 26, 0. 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.
Ice Energy had failed to either appear or submit documents to the House committee. Nigeria to revamp mines, steel sector Next. Jonathan and other actions and statements of the President as steps that are taking Nigeria backward. 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:. Notify me of new posts by email. Posted October 20, 2.
These changes in conjunction with the lack of adequate provisions for dealing with violations including criminal activities and of a deterrent to prevent oil marketing and trading companies from making false subsidy claims in the PSF guidelines and the inclusion by PPPRA of oil marketing and trading companies that did not meet the eligibility criteria even after the above changes in the PSF guidelines created significant opportunities for abuse of the subsidy process.
This shall be a deterrent against the presentation of false subsidy subaidy by oil marketing and trading companies and provide recourse to the banks if subsidy was on the basis of false claims.
Imoukhuede and subsequently, the new man committee. In this article featured Other News.
Aig-Imoukhuede committee submits preliminary report on fuel subsidy – The Eagle Online
This opened up opportunities for participation by companies with no investment in infrastructure relevant to the role on oil marketing repoort trading companies in the PSF scheme. Will not be published. Home Market — Finance Industries Goverment. These opportunities were clearly exploited by both the operators and the regulators of the process to the detriment of the country.
The Aig-Imoukhuede-led committee report on subsidy (4) – Vanguard News Nigeria
Lagos lawyer, Jiti Ogunye, believes that the presence of Mr. The creation of the Petroleum Support Fund PSF in was therefore an effort at addressing the challenges in the subsidy scheme. 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. Obviously, the first is the recovery of the said amount. Contact Us Privacy-Policy Terms.
Details of the Committee findings: June 23, In addition, oil marketing repkrt trading companies must comply with the guidelines going forward.
Subsidy Fraud: Aig-Imoukhuede led Committee Indicts 21 Firms on N382 billion
Following the insistence by many Nigerians that the House report be implemented, the Federal Government set up the Technical committee headed by Mr. Notify me of follow-up comments by email.
They were interviewed by various panels constituted by the committee and the outcomes of these interviews are also captured in the report. Posted May 16, 0. Please subsify here if you are not redirected within a few seconds. Aig-Imoukhuede Committee unravels how petroleum subsidy was shared July 2, The Committee recommends that all the affected oil marketing and trading companies found to have violated various aspects of the PSF guidelines as highlighted in this report should refund the subsidy payments for a total sum of N,, 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.
Jonathan had shown his unwillingness to prosecute indicted officials and companies in the fuel subsidy scam. 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 imlukhuede companies did not import the allocated volume of petroleum products.
February 21, 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 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.
Posted June 26, 0. Abuse of the due diligence process 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.
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So, the actual amount that was being verified is Nbn. Posted August 1, 0.