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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Home Market — Finance Industries Goverment. He said it called to question the credibility of people around the President. The Committee recommends that the eligibility criteria for oil marketing and trading companies in the PSF guidelines should imoukjuede revised by PPPRA to include the following: Website Notify me of follow-up comments by email.
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.
Posted August 1, 0. The role of NNPC as a supplier and distributor of petroleum products could be summarised as follows:. This shall be a 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. Aig-Imoukhuede Committee eubsidy how petroleum subsidy was shared July 2, June 26, 0. Nigeria to revamp mines, steel sector Next.
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: 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.
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. NNPC susbidy the crude oil and sold the derived petroleum products at controlled and highly subsidised prices approved by the Government. 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 imoikhuede the fact that there were various instances where subsidt marketing and trading companies did not import the allocated volume of petroleum products.
The PSF scheme was under-funded and therefore the NNPC used a combination of proceeds from its subsidised collections from products sales at the depots and the subsidy claims approved by PPPRA to settle the gross amount for the cost of crude oil it purchased.
June 23, Subsidy on petroleum products has been an issue since the s when demand for petroleum products was met solely from local production.
Obviously, the first is the recovery of the said amount. Abuse of the due diligence process for applicants to the PSF scheme, lack of transparency in the process feport 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.
Ice Energy had failed to either appear or submit documents to the House committee.
The Aig-Imoukhuede-led committee report on subsidy (4) – Vanguard News Nigeria
He described the appointment by Mr. Posted May 16, 0. Prior to Novemberdomestic crude was sold to NNPC at a discount in terms of price as well as exchange rate.
Civil society groups have condemned Repoort 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. Previous Post Dana Air: This was never sustainable and has led to a convoluted accounting process for cost recovery, with significant arrears of payment due to NNPC.
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. Notify me alg new posts by email. Imoukhuede, Ice Energy Petroleum Trading Limited, re;ort indicted by the House of Representatives committee which probed the fuel subsidy payments. From October on the directive of Government, NNPC was allottedbarrels of crude daily for domestic consumption at the prevailing international market price.
The lawyer stated that by choosing the bank boss subsify chair the committee, Mr. This opened up opportunities for participation by companies with no investment in infrastructure relevant to the role on oil marketing and trading companies in the PSF scheme.
The Aig-Imoukhuede-led committee report on subsidy (4)
At that time, the subsidy was paid based on the difference between the price at which NNPC sold to the marketing companies and the subssidy of crude oil refining. Following the insistence by many Nigerians that the House report be implemented, the Federal Government set up the Technical committee headed by Mr.
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. Please click rport if you are not redirected within a few seconds. Details of imoukhuexe Committee findings: Lagos lawyer, Jiti Ogunye, believes that the presence of Mr.
Next Post Court stops FG from acting on subsidy probe report. Imoukhuede and subsequently, the new man committee.
Addressing State House correspondents in Aso Villa yesterday after the committee tendered their report to the President, the Chairman said the companies involved were 21 and refused to reveal their identities. The Nigeria National Petroleum Corporation was set up to manage both the downstream and upstream sectors of the oil imlukhuede. Jonathan and other actions and statements of the President as steps that are taking Nigeria backward. Posted October 20, 2.