Oil subsidy: FG saves N1.2trn, says Okonjo-Iweala

From ISAAC ANUMIHE, Abuja
The Federal Government’s  step to curb the scam perpetrated by oil marketers in the country,  has paid off following a drastic reduction in the subsidy payment from N2.2 trillion in 2012 to N971 billion last year,  representing  a reduction of over N1.2 trillion or 56 per cent.
Speaking,   the Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala recalled the background to the high profile issue which generated immense public concern.
“In 2011, there was a huge public outcry. As a result, this administration has worked hard to clean up the process of subsidy payments. In response, the Ministry set up the Aig-Imoukhuede Committee which investigated the subsidy payments. The committee was later elevated to a Presidential Committee by Mr President.
“We also hired new auditors and we put in place different checks and balances. As a result, last year, we brought subsidy payment down to about N950 billion, and we expect that this year, we will pay about N971 billion.
“I believe this is a huge achievement for which the Jonathan administration deserves some credit, something that should make Nigerians proud of their government.” she said.
Also, she noted,   the Jonathan administration’s commitment to transparency and accountability in the management of fuel subsidy payments, the Federal Ministry of Finance has released the sum of N46,764,191,448.16 as latest payment to oil marketers whose claims have successfully gone through the verification process.