AIG IMOUKHUEDE SUBSIDY REPORT PDF

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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This opened up opportunities for participation by companies with no investment in infrastructure relevant to the role on oil marketing and trading companies in the PSF scheme.

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 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: Aig Imoukhuede Subsidy Committee head subsidy fraud.

There was subsiey documentary evidence that this process was duly authorised by law, by the PSF guidelines or by any duly designated Government agency and there is therefore no legitimate backing for the current practice.

There has been no consensus among the three tiers of Government Federal, State and Local to support the funding of the PSF since its creation in This led ssubsidy a situation where the Federal Government agreed with NNPC to deduct its approved subsidy claims from its crude cost obligations.

In this article featured Other News. In order to correct this situation, the Government has to implement at least one of the following options: Addressing State House correspondents in Aso Villa yesterday after the committee tendered their report to the President, the Chairman said the companies involved were 21 and refused to reveal their identities. Civil society groups have condemned President Goodluck Jonathan for appointing Aigboje Aig-Imoukhuede, the Group Managing director of Access Bank, as chairman of the man committee to verify and reconcile all claims made in the report of a Technical Committee set up to review fuel subsidy payments.

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He said the committee had built an airtight case that would be difficult to challenge in court, and he said the President displayed unique wisdom in staffing the committee with technocrats who have vast experience.

Posted October 19, 0. February 21, 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. Details of the Committee findings: Posted June 26, 0.

Home Market — Ssubsidy Industries Goverment. He disclosed that the committee also recommended total deregulation to the Presidency as the way sig of the subsidy fraud.

The Aig-Imoukhuede-led committee report on subsidy – integrity nigeria

These changes in conjunction with the lack of adequate provisions for dealing with violations including criminal activities and of a deterrent to prevent oil marketing and trading companies from making false subsidy claims in the PSF guidelines and the inclusion by PPPRA of oil marketing and trading companies that did not meet the eligibility criteria even after the above changes in the PSF guidelines created significant opportunities for abuse of the subsidy process.

Jonathan and other actions and statements of the President as steps that are taking Nigeria backward. Lagos lawyer, Jiti Ogunye, believes that the presence of Mr. In order to correct this situation, the Government has to implement at least one of the following options:.

While the Committee conducted detailed reviews of several aspects of the subsidy payment process, it is noted that the process for Iag 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:.

Posted August 1, subsody. So, the actual amount that was being verified is Nbn. The inability of PPPRA to use a transparent basis of determining the conversion factor created opportunities for manipulation of the volume of imported products for which subsidy was paid. The role of NNPC as a supplier and distributor of petroleum products could be summarised as follows:. From October on the directive of Government, NNPC was allottedbarrels of crude daily for domestic consumption at the prevailing international market price.

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The creation of the Petroleum Support Fund PSF in was therefore an effort at addressing the challenges in the subsidy scheme. Notify me of imohkhuede comments by email.

Aig-Imoukhuede Committee unravels how petroleum subsidy was shared – SweetCrudeReports

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 PPPRA to use effective vessel tracking tools to verify the status and location of the vessels supposedly used to import petroleum 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.

In addition, oil marketing and trading companies must comply with the guidelines going forward. Contact Us Privacy-Policy Terms.

The Nigeria National Petroleum Corporation was set up to manage both the downstream and upstream sectors of the oil industry. At that time, the subsidy was paid based on the difference between the price at which NNPC sold to the marketing companies and the cost of crude oil refining.

Aig-Imoukhuede Committee unravels how petroleum subsidy was shared

Following the insistence by many Nigerians that the House report be implemented, the Federal Government set up the Technical committee headed by Mr.

Imoukhuede, Ice Energy Petroleum Trading Limited, was indicted by the House of Representatives committee which probed the fuel subsidy payments. He said it called to question the credibility of people around the President. Posted May repott, 0.