Okonjo-Iweala denies blocking oil subsidy payments

Nigeria’s Minister of Finance, Dr Ngozi Okonjo-Iweala has refuted media reports which alleged that her ministry was blocking verified payments to petrol marketers.According to the Minister, her 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 said.
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, in a statement signed by Paul Nwabuikwu, her special adviser on communications.