Vanguard (Lagos)

Nigeria: Subsidy Scam - FG Recovers N29 Billion From Suspects

Photo: Vanguard
Cartoonist depicts corruption in Nigeria

Abuja — The Federal Government says it has recovered N29 billion out of the N232 billion oil subsidy scam.

The Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala dropped the hint in Abuja, yesterday.

Okonjo-Iweala spoke at the ongoing Nigerian Economic Conference.

She said the amount was recovered from some marketers who allegedly defrauded the Federal Government in the oil subsidy payment scheme.

The minister maintained that the recovery exercise was part of government determination to fight corrupt practices in the oil and gas sector.

"Now of the N232bn that has been put forward as fraudulent claims, we are right now able to hold N29 billion of that.

"So instead of paying them, we are recovering what they owe us.

So, my single hope is that out of this, we have recovered virtually that amount of about N29 billion and we are looking forward to recovering the balance of the total.

"Some of these people are being chased and prosecuted and the EFCC and ICPC are still investigating this."

The minister said that about 50 marketers were being investigated over the subsidy scam.

She attributed the slow pace of payment of the subsidy claims to the ongoing verification and thorough scrutiny of such claims by relevant agencies.

Okonjo-Iweala reiterated that only genuine claims of oil marketers would be entertained.

"We have never stopped paying because all these issues about queues and so on, of course sometimes the marketers have said unless you pay us, we are not going to bring in oil.

"But we have not yielded to any of that kind of stress or even blackmail, we have continued to do our work and we will continue to pay those who are clean," she said.

Ads by Google

Copyright © 2012 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

InFocus

Nigeria Recovers Billions From Oil Fraudsters

Cartoonist depicts corruption in Nigeria

Nigerian finance minister says the government has recovered N29 billion out of the N232 billion oil subsidy scam. Read more »