The Federal Government on Monday said it has paid a total of N259, 339, 041, 657.85 as subsidy claims between 2011 and 2012.

Paul Nwabuikwu, the Senior Special Assistant to the Coordinating Minister and Minister of Finance in a press statement said “contrary to the impression given by some marketers and their agents, the Federal Government has continued to pay marketers whose claims have been duly verified.”

He said that the Federal Government is committed to encouraging honest and professional private sector operators in the subsidy regime.

“As the attached information shows, in addition to other verified payments made in 2011-2012, a total of N34.6 billion was paid on Wednesday, August 22, 2012 alone.

“In all, a total of N259, 339, 041, 657.85 has been paid in 2011-2012,” he said.

Mr Nwabuikwu however, said that in line with the Federal Ministry of Finance regulations, “only marketers whose documents have been verified, processed and cleared will be paid.”

He further said that “both the number of claims by marketers and the amount paid have reduced significantly due to the work of the Aig-Imoukhuede Committee and the rigorous procedures which have been adopted to check fraud.”

Update on payments to oil marketers whose claims have been verified.