The fuel subsidy account with the Central Bank of Nigeria, CBN is
empty. There is money yet in it. This is happening three weeks after the
National Assembly has approved N 161.6bn supplementary budget for the
payment of fuel subsidy in Nigeria.
According to PUNCH,
investigation reveals that the oil marketers were turned back by the CBN
on the that day that the subsidy account with the bank had not been
credited.
Our correspondent learnt that the oil marketers had been
issued Sovereign Debt Notes from the Debt Management Office following
the passage of the N161.6bn supplementary bill by the National Assembly.
The
Federal Government normally issues oil marketers with SDNs as security
against any delay in payment of subsidy for imported cargoes.
SDN,
which is another name for government borrowing, is like Treasury Bills
and can be discounted for cash, though while the former is a short-term
borrowing, the latter is for long term.
The
issuance of the SDNs by the DMO, it was learnt, was to allow the CBN
quickly fund the marketers’ accounts with their respective Deposit Money
Banks.
A top official in one of the oil marketing companies
confirmed to our correspondent during a telephone interview that they
were turned back by the CBN.
The source, who pleaded not to be
named as he was not officially permitted to speak on the issue, said
accounts of all oil marketers who had been issued with DMBs could not
be credited because the subsidy account with the CBN was empty.
He said, “There might be another round of scarcity because most of us are still being owed by the Federal Government.
“This
is because the subsidy account in the CBN has not been credited. When
the supplementary budget was passed, the Ministry of Finance said they
are going to pay us so they asked the DMO to issue us with SDNs. This is
a note that would enable the CBN to credit our accounts with commercial
banks.
“We took it to the CBN but we were surprised at what
happened. They told us that the subsidy account has not been credited
because the N161bn has not been converted to cash by the ministry of
finance.
“It is the Minister of Finance that usually tells the
Accountant General of the Federation to fund the account; but as I speak
to you, this has not been done. So we are still being owed.”
When
contacted on the issue, the Director, Corporate Communications
Department of the CBN, Mr Ugochukwu Okoroafor, said the issue of fuel
subsidy payment was the role of the Ministry of Finance and not that of
the bank.
He said, “It is not our responsibility. Our own job is
that of a banker and customer relationship and that confidentiality must
be respected. Let them (marketers) check with the Ministry of Finance.”
Efforts
to get the Special Assistant, Communications, to Okonjo-Iweala, Mr.
Paul Nwabuikwu, were not successful as he did not pick calls sent to his
phone.
A text message sent to his mobile phone had also not been acknowledged as of the time of filing this report.
President
Goodluck Jonathan had on December 11 sent a request to the National
Assembly to approve an additional N161.6bn to ensure steady supply of
petroleum products during the festive season.
The development had
reportedly brought a relief to oil marketers who had not been able to
import petroleum products owing to the huge debt burden from the Federal
Government.
Scarcity of petrol had started with the Yuletide, but assurances by the authorities had raised hopes of a quick solution.
But
despite the assurances, there were fuel queues in many parts of the
country, a development the Petroleum Products Marketing Company blamed
on panic buying by Nigerians as well as the fire outbreak at Ijeododo,
Lagos.
The company had attributed the scarcity in Lagos area to
the fire outbreak, while it said the one in Abuja was a result of normal
panic buying during festivities.
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