Press Release: Subsidy Payments – Nigeria Finance Ministry Releases N161 BILLION To CBN

By IndepthAfrica
In Nigeria
Jan 9th, 2013
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FEDERAL MINISTRY OF FINANCE

News Release. January 8, 2013

SUBSIDY PAYMENTS: FINANCE MINISTRY
RELEASES N161 BILLION TO CBN

The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala has refuted media reports which allege that the Federal Ministry of Finance is blocking verified payments to marketers.

According to the Minister, the Finance Ministry made the N161.6 billion supplementary budget for subsidy payments which had been approved by the National Assembly available to the Central Bank of Nigeria since December 31, 2012.

The payments are presently going through the CBN’s processes which include the conversion of the dollar equivalent from the Excess Crude Account and will be concluded soon.

She confirmed that payments totalling N94 billion have been verified for 23 marketers who will be paid in the next few days.

“We are committed to paying all companies who deserve to get subsidy payments just as we will not pay undeserving firms. That is the mandate we have from the President”, Dr Okonjo-Iweala declared.

Paul C Nwabuikwu
Special Adviser to the Coordinating Minister for the Economy and Minister of Finance

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