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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Posted October 20, 2. They were interviewed by various panels constituted by the committee and the outcomes of these interviews are also captured in the report.
Subsidy Fraud: Aig-Imoukhuede led Committee Indicts 21 Firms on N382 billion
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.
The creation of the Petroleum Support Fund PSF in was therefore an effort at addressing the challenges in the subsidy scheme.
Notify me of follow-up comments by email. There was no evidence that PPPRA excluded any oil marketing and trading company subsid the PSF Scheme for two successive quarters or more as stated in the terms of the import permits from PPPRA in spite of the fact that there were various instances where oil marketing and trading companies did not import the allocated volume of petroleum products.
Abuse of the due diligence process for applicants to the PSF scheme, lack of transparency in the process for import allocations, payment of subsidies to oil marketing and trading companies in spite of lapses in presented documentation and the inability of Jmoukhuede to use effective vessel tracking tools to verify the status and location of the vessels supposedly used to import wubsidy 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.
Aig-Imoukhuede Committee unravels how petroleum subsidy was shared
THE revision of the eligibility criteria for oil marketing and trading companies in the PSF guidelines by PPPRA amended the requirement for the proof of ownership of storage facilities with a minimum storage capacity of 5,MT for the particular product to include a valid throughput agreement of storage jmoukhuede with a minimum storage capacity of 5,MT for the particular product.
Imoukhuede, Ice Energy Petroleum Trading Limited, was indicted by the House of Representatives committee which probed the fuel subsidy payments. The Committee was unable to examine all the above to the extent required and therefore recommends that the Federal Government appoints consultants to carry out the forensic audit of the NNPC subsidy claim process.
While iag 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: He described the appointment by Mr.
The Aig-Imoukhuede-led committee report on subsidy – integrity nigeria
June 23, Imoukhuede and subsequently, the new man committee. So, the actual amount that was being verified is Nbn. Aig-Imoukhuede Committee unravels how petroleum subsidy was shared July 2, The Committee recommends that the eligibility criteria for oil marketing and trading companies in the PSF guidelines should be revised by PPPRA to include the following: Jonathan and other actions and statements of the President as steps that are taking Nigeria backward. June 26, 0.
Subsidy on petroleum products has been an issue since the s when demand for petroleum products was met solely from local production. Posted October 19, 0. This opened up opportunities for participation by companies with no investment in infrastructure relevant to the role on oil marketing and trading companies subsiyd the PSF scheme. Notify me of new posts by email.
Prior to Novemberdomestic crude was sold to NNPC at a discount in terms of price as well as exchange rate. This was never sustainable and has led to a convoluted accounting process for imuokhuede recovery, with significant arrears of payment due to NNPC.
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. Posted June 26, 0. August 1, 0. While the Committee conducted detailed reviews of several subdidy 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 imouhkuede thorough forensic audit covering but not limited to the following:.
From October on the directive of Government, NNPC was allottedbarrels of crude daily for domestic consumption at the prevailing international market price. Disclaimer Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof. Following the insistence by many Nigerians that the House report be implemented, the Federal Government set up the Technical committee headed by Mr.
Next Post Court stops FG from acting on subsidy probe report. 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. These opportunities were clearly exploited by both the operators and the regulators of the process to the detriment of the country. ajg
Ice Energy had failed to either appear or submit documents to the House committee. The Committee recommends that the eligibility criteria for oil marketing and trading companies in the PSF guidelines should be revised by PPPRA to include the following:.
Details of the Committee findings: Of imlukhuede 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. Lagos lawyer, Jiti Ogunye, believes that the presence of Mr. February 21,