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
Favour Chukwuelesie
Dreams and vision for development

The dreams you see while asleep at night are a metaphor for the kind of thinking that happens when you fantasize while awake. Read more...

Submitted by
Bolaji Ajayi
Drought of goals for Ronaldo

Real Madrid coach Carlo Ancelotti believes Cristiano Ronaldo will be back to his best as soon as he gets back on the scoresheet. Read more...

Submitted by
Bolaji Ajayi
Sign of unity among Barca players...

Luis Suarez leads the jokes with Lionel Messi, Neymar and Co during photocall as Barcelona announce new partnership. Read more...

Submitted by
Austine Anyahara
A nation at a crossroad

Nigeria journey as a nation has being tortuous with the road laced with land mines & intricate spider webs.  Read more...

Submitted by
Iyabo Obafemi
I see a Nigeria

I see a Nigeria where healthy minds will not just be born but raised with morality, selflessness, dignity and love.  Read more...

Submitted by
Frank Jointheir
The dash in between

We do see burial posters of dead (deceased) people, some may be people we know, loved ones, former friends and foes. Read more...