Following the threats by oil marketers to shut down operations if the Federal Government does not immediately commence the payment of subsidy claims, the Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala on Thursday directed the Debt Management Office (DMO) to pay marketers with verified claims as soon as supporting Sovereign Debt Notes are provided by the Petroleum Products Pricing and Regulatory Agency (PPPRA).
The Minister’s directive was contained in a statement signed by her Senior Special Assistant, Paul C Nwabuikwu, who said that Mrs Okonjo-Iweala’s directive is to reinforce the federal government’s determination to ensure that there is no disruption in fuel supplies across the country.
“It will be recalled that payments based on verified claims resumed after the June meeting of the Federation Accounts Allocations Committee (FAAC) when payments totalling N17 billion were made,” the statement said.
It added that “to prevent overpayments, verification of claims is a cornerstone of the procedures adopted by the Federal Ministry of Finance for managing fuel subsidy payments.
“Following the report of the Presidential Committee headed by Mr Aigboje Aig-Imoukhuede, it is clear that some marketers also owe government significant sums of money and that government expects that these will be paid.
“Consequent on this, there is no call for marketers or other stakeholders to go on strike because government is addressing subsidy payment issues in a structured way that protects both the interest of the country and those of genuine marketers,” the statement said.