Tuesday, 4 December 2012

Subsidy Scam: FG recovers N29bn from suspects

The Federal Government 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 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.
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.

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