The Technical Committee on Payment of Fuel Subsidies which was constituted by the Finance Minister, Dr. Ngozi Okonjo-Iweala, has directed oil marketers to make submissions to it in order to verify all outstanding subsidy arrears for 2011.
Out of over N2 trillion recorded as subsidy for 2011, more than N250bn had not been paid, according to the Hon. Farouk Lawan-led House of Representatives Ad hoc Committee on Subsidy Regime.
The committee was set up at a meeting chaired by Okonjo-Iweala on February 28 in
Lagos and attended by the marketers, banks and other stakeholders, to verify the authenticity of the alleged arrears of claims already submitted for 2011.
The committee was also mandated to authenticate the backlog for outstanding of subsidy payments to marketers in 2011 as well as to review other pertinent issues that might arise from the probe.
Although the committee had set an April 27 deadline for submission of documents, a notice to oil marketers by the committee on
Monday set a new deadline for Tuesday. Documents required by the technical committee for the probe exercise include details of
all 2011 subsidy claims and details of other claims. Other documents required are detailed schedule of banks through which payments for fuel importation were made and the mode of sale of each cargo, including documentary evidence of sale within the country.
The House of Representatives Ad hoc Committee on Subsidy Regime unearthed massive corruption in the payment of subsidy between 2009 and 2011 when over N1.75 trillion were paid to oil marketers in 2011, and over N250bn were still said to be outstanding.