Categorized | News

Minister of Finance, Okonjo-Iweala release statement: sack Accountants, Auditors regarding Fuel Subsidy scam

Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala“Concerned about the management of the subsidy regime, the Federal Ministry of Finance has for the last two months been reviewing aspects of the implementation of the subsidy regime related to its functions. The review has produced a lot of useful details on what was wrong with the system and what needs to be done to ensure improvement going forward.
The review process kicked off in February when the ministry and relevant government agencies held a meeting with bankers and marketers at the instance of President Goodluck Jonathan. This was followed by a subsequent session with the accounting and auditing firms to re-evaluate their work.
Based on the review, the Ministry has taken the following steps:
· The services of the audit and accounting firms responsible for certifying the documents and claims of marketers before payment have been terminated. The companies are Akintola Williams and Co and Adekanola and Co.
· The Ministry has established a committee made up of credible and experienced persons from the private and public sector with strong technical component under the chairmanship of Mr. Aigboje Imoukuede to examine the claims of payment arrears for 2011 currently being made by marketers. This is to ensure that only genuine claims are honoured.
· The ministry is also finalizing a new and more effective system to replace the current arrangement and in this regard, a second committee has been set up to propose a good way forward.
Based on other outcomes of the review, the ministry will take further actions as necessary.
In a related development, the Federal Accounts Allocation Committee (FAAC) has put on hold further depletion of the Excess Crude Account (ECA).
Paul C Nwabuikwu
Senior Special Assistant to the Coordinating Minister for the Economy and Minister of Finance”
What are you thinking?

Leave a Reply


eight + = 13

Share Nigerians Saving Nigerians With Your Friends

Nigerians Saving Nigerians is registered as a nonprofit corporation with the Secretary of State of Texas, U.S.A. Nigerians Saving Nigerians is a nontribalistic and nonprofit organization, founded on the 27th of September, 2011. The purpose of Nigerians Saving Nigerians is to strengthen civic duties among Nigerians in order to foster peace and prosperity. The purpose of the Nigerians Saving Nigerians website is to provide a platform where Nigerians can organize peacefully in order to strengthen the development of Nigeria.

Find Us On Facebook

Featured video on Nigerians Saving Nigerians: Spoken word performance by President Barack Obama Fellow, Omololu Omotosho.

php developer india

Video of the week: Africa Rising

php developer india