AIG IMOUKHUEDE SUBSIDY REPORT PDF

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 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. This shall be a deterrent against the presentation of false subsidy claims by oil marketing and trading companies and provide recourse to the banks if subsidy was on the basis of false claims. File photo: Protest against removal of fuel subsidy in Lagos.

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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 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. This shall be a deterrent against the presentation of false subsidy claims by oil marketing and trading companies and provide recourse to the banks if subsidy was on the basis of false claims.

File photo: Protest against removal of fuel subsidy in Lagos. The Committee recommends that the determination of the conversion factor of PPPRA be made transparent to eliminate manipulation of the volume of import products for which subsidy should be paid. There was no evidence that PPPRA excluded any oil marketing and trading company from the PSF Scheme for two successive quarters or more as stated in the terms of the import permits from PPPRA in spite of the fact that there were various instances where oil marketing and trading companies did not import the allocated volume of petroleum products.

In addition, oil marketing and trading companies must comply with the guidelines going forward. Subsidy on petroleum products has been an issue since the s when demand for petroleum products was met solely from local production.

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. Prior to November , domestic crude was sold to NNPC at a discount in terms of price as well as exchange rate. Strategic petroleum products were then sold at highly subsidised prices.

From October on the directive of Government, NNPC was allotted , barrels of crude daily for domestic consumption at the prevailing international market price.

NNPC refined the crude oil and sold the derived petroleum products at controlled and highly subsidised prices approved by the Government. The imbalance created by the arrangement led to the introduction of the subsidy scheme in existence today. Challenges in the subsdy scheme The creation of the Petroleum Support Fund PSF in was therefore an effort at addressing the challenges in the subsidy 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.

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Malajind The Aig-Imoukhuede-led committee report on subsidy — integrity nigeria Imoukhuede, Ice Energy Petroleum Trading Limited, was indicted by the House of Representatives committee which probed the fuel subsidy payments. The Committee recommends that the repotr of the conversion factor of PPPRA be made transparent to eliminate manipulation of the volume of import products for which subsidy should be paid. In order to correct this situation, the Government has to implement at least one of the following options:. Imoukhuede on both the technical committee and the man panel has already discredited whatever report emanates from them. There is an obvious need to regulate the roles of NNPC in the downstream sector in the import, refining, storage, supply, distribution and retailing i,oukhuede petroleum products.

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AIG IMOUKHUEDE SUBSIDY REPORT PDF

This will be a mitigant to forgery. Photo: Joe Akintola, Photo Editor. The Committee recommends that going forward, PPPRA should compare the volume of products discharged as stated on the shore tank certificates with the stated volume on the DPR product certificates and payment of subsidy should be restricted to only instances where there is correlation between the discharged volumes of products on both certificates. The Federal Government should establish a regulation process for the industry that must include the documentation requirements at each stage of the various processes.

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The Aig-Imoukhuede-led committee report on subsidy (3)

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