Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

Subsidy Scandal: FG recovers N29bn from suspects

04 December 2012, 07:44

Abuja - The Federal Government says it has recovered N29 billion out of the N232 billion oil subsidy scam.

The Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala dropped the hint in Abuja on Monday.

Okonjo-Iweala spoke during a roundtable at the ongoing Nigerian Economic Conference.

She said that the amount was recovered from some marketers who allegedly defrauded the Federal Government in the oil subsidy payment scheme.

The minister maintained that the recovery exercise was part of government determination to fight corrupt practices in the oil and gas sector.

"Now of the N232 billion that has been put forward as fraudulent claims, some of those marketers said government owed them money. We are right now able to hold N29 billion of that.

"So instead of paying them, we are recovering what they owe us. So, my single hope is that out of this, we have recovered virtually that amount of about N29 billion and we are looking to recover the balance of the total.

"Some of these people are being chased and prosecuted and the EFCC and ICPC are still investigating this."

The minister said that about 50 marketers were being investigated over the subsidy scam.

She attributed the slow pace of payment of the subsidy claims to marketers to the ongoing verification and thorough scrutiny of such claims by relevant agencies.

Okonjo-Iweala reiterated that only genuine claims of oil marketers would be entertained.

"We have never stopped paying because all these issues about queues and so on, of course sometimes the marketers have said unless you pay us, we are not going to bring in oil.

"But we have not yielded to any of that kind of stress or even blackmail, we have continued to do our work and we will continue to pay those who are clean," she said.

NEXT ON NEWS24 NIGERIAX

Read News24’s Comments Policy

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
co
Illicit Financial Flows: Africa’s...

Today, the term “illicit financial flows” has not only become a catchy phrase often used in global summits, but also significant in the international political economy thesaurus.  Read more...

Submitted by
Osuji Eric
Marginalization in Nigeria

Marginalization in the country of Igbo ethnic groups is becoming so unfair.  Read more...

Submitted by
Osuji Eric
Owerri town littered with refuse

The town of Owerri has been littered with refuse over the past three days and the administration has done nothing to change the state. Read more...

Submitted by
Peregrino Brimah
Gone but not fallen: Tribute to C...

To the list of our recent heroes, departed but not fallen adds one more martyr; one more mighty warrior, Colonel Kabiru Salisu. Read more...

Submitted by
Peregrino Brimah
US: African Star Amida Brimah’s U...

The UConn Huskies defeated the Kentucky Wildcats 60-54 to win the NCAA Final four title with the team that includes African, Amida Brimah.  Read more...

Submitted by
Peregrino Brimah
There is no more Boko Haram, it's...

Top level military men in the Nigerian army have claimed that the Boko Haram attacks have been orchestrated by the military.  Read more...