Random Pagan Verse:
It is known that a coven may be bound together by sexual ties, and that this is often not desirable. When it is found that this is not desirable, the coven should be made up of loving couples,
and there may also be single coveners. In such cases, it is required that the search for new love be undertaken outside the coven except when two single coveners find love with each other; otherwise, it will often cause division in the coven.
For while all acts of love and pleasure are indeed the rituals of our beloved Goddess, She is not inclined to favor acts which divide Her covens and scatter Her Witches unnecessarily.

Author Topic: Fuel scarcity - okonjo iweala accused Oil marketers of holding Nigeria to ransom  (Read 648 times)

Offline mastercode (OP)

  • Global Moderator
  • Hero Member
  • *****
  • Date Registered: Jul 2014
  • Posts: 2417
  • Thanked: 8 times
  • Karma: +0/-0
    • View Profile
    • Naijacrux
Loading...

The federal government appears fed up with the claims of oil marketers as it has denied owning the group N200 billion.

Coordinating Minister for the Economy and Minister of finance, Dr. Ngozi Okonjo- Iweala who disputed the debt figure said what the oil marketers are owed is about N131 billion based on Petroleum Pricing Products Regulatory Agency?s (PPRA) template.

The minister attributed the current fuel scarcity to the activities of a group of cartel determined to hold nation to ransom. She expressed surprise at the attitude of the marketers saying that ?they were more liberal in times past even when their outstanding was in the region of N2.3 trillion.?

According to Okonjo-Iweala, ?it has become a situation where we have a cartel that can ground the nation to a halt at will.

? I strongly suggest that the nation has to do something about it. It has been very stressful for four years, trying to cope with a group that controls a very important sector of a nation and they are small enough to organize themselves.?

This she said ?means that they can hold a nation to ransom anytime they want. And that is what is happening.?

? I remember when I came back as finance minister on August 17th 2011, the first thing that confronted me was this scandal of subsidies. By then more that N 1 trillion had already been paid. And we went through that whole thing and since then we cleaned up, restructured and trimmed down.
?You see that the amount we have been paying year by year diminished substantially to about N971 billion a year down from the N 2.3 trillion of 2011. We brought it from N 2.3 trillion to about N 971 trillion that has been in the budget each year. So, we made very substantial restructuring and changes to the whole process that brought the amount down for the nation. But yet we have to deal with this problem and the whole country has seen us trying our best struggling,? she said.

Okonjo-Iweala noted that oil marketers are a small cartel that are into no risk business based on template negotiated with PPPRA a long time ago which factored in exchange rate differential and profit margin guarantee.

According to the finance minister, ?the template that governs their business is designed to cover all their costs plus a profit margin. That is PPPRA template which I have quarrelled with for quite some. So it is really no risk business for them. Or very little risk. I am not saying there is no stress. Of course, they have stress. But the risks are all covered by the template that was negotiated with PPPRA long ago.



 

 

Nigeria Single Treasury Acct TSA boost revenue collections as FAAC shares N511bn

Started by mastercode

Replies: 0
Views: 401
Last post August 30, 2015, 04:07:58 PM
by mastercode
Nigeria-South African country?s media confirms legitimacy $9.3M of arms deal

Started by mastercode

Replies: 0
Views: 439
Last post October 07, 2014, 11:34:33 AM
by mastercode
Tony Elumelu launches Empowerment Fund to revitalize Nigeria distressed areas

Started by admin

Replies: 0
Views: 545
Last post October 17, 2014, 01:11:34 PM
by admin
IRAN - US Deal - Nigeria May Lose N333 billion in crude oil revenue By Year End

Started by mastercode

Replies: 0
Views: 345
Last post July 21, 2015, 01:50:49 PM
by mastercode
President Buhari Tells NNPC New Boss - Recover all Stolen Nigeria Oil Money

Started by mastercode

Replies: 0
Views: 247
Last post August 05, 2015, 05:01:21 PM
by mastercode
President Buhari hails British support for repatriation of Nigeria?s stolen fund

Started by mastercode

Replies: 0
Views: 305
Last post October 07, 2015, 08:26:29 PM
by mastercode
APC React to PDP call for buhari's Resignation amid Nigeria 2016 missing Budget

Started by newspostng

Replies: 0
Views: 308
Last post January 15, 2016, 10:27:53 AM
by newspostng
Nigeria Finance Minister Adeosun emerges new chairman of ECOWAS Investment Bank

Started by legendguru

Replies: 0
Views: 541
Last post August 23, 2017, 12:36:51 AM
by legendguru
FirstBank sustains support for Nigeria Association of the Blind on White Cane Da

Started by admin

Replies: 0
Views: 321
Last post October 15, 2014, 07:07:30 PM
by admin
ARMS DEAL: Finally, South Africa returns seized $15m to Nigeria

Started by mastercode

Replies: 0
Views: 383
Last post October 25, 2014, 09:41:20 PM
by mastercode