20 February 2012

Nigeria: PPPRA Still Processing Subsidy Cliams

Lagos — The Petroleum Products Pricing Regulatory Agency (PPPRA) has not stopped processing subsidy claims from genuine importers of products, contrary to insinuations in the media.

Mr Reginald Stanley, the agency's Executive Secretary made the announcement a statement made available on Sunday in Lagos.

The statement said the executive secretary made the remark while addressing newsmen in Abuja at the end of the mid- quarter performance review of PMS imports for the 4th quarter of 2011.

He said the agency had completed processing of all claims for marketers for 2011.

"While marketers have been holding back to import due to unavailability of credit lines by banks, the allocation of N888 billion for subsidy in the 2012 budget should give enough comfort to the marketers and banks to resume import," Stanley said.

The PPPRA scribe said the mid-quarter performance review of PMS showed a 27 per cent achievement by marketers.

"There will be a final appraisal of the 4th quarter performance on March 31, 2012.

"Companies that did not perform up to expectation will not only be sanctioned but will be dropped in subsequent quarters," the statement quoted Stanley as saying.

He assured marketers that genuine deliveries would be processed for payment after verification by the PPPRA. (NAN)

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