Yemisi Izuora/Ijeoma Agudosi
The Minister of State for Petroleum, Dr. Ibe Kachikwu has explained that approval of the legislature is required before government will effect payment of N413 billion oil subsidy promised marketers two weeks ago.
The minister made the clarification when he addressed the heads of parastatals and directors of the ministry in Abuja after assuming office.
But he assured that the payment processes will be perfected in a matter of a week, adding “The money was approved by the president. It has not reached them physically because there is a process that our constitution requires in terms of approving those set of (extra-budgetary) expenditures.
The president is taking time to write the Assembly to appraise them of need to do this. Do we want to pay, yes! Have we provided for the money, yes! Do we need approval from outside the executive to recommend that, yes! It is going through a process.”
The minister, however, stated that there is enough fuel supply. He said, there are products both onshore and offshore that will last about 22/23 days.
The number of trucks that have been moved around the country is in excess of 4,000 trucks as against the normal 2500 utilisation.
“Product is not the issue, what is the issue is the usual panic buying by Nigerians,” he explained.
He said: “The president is concerned about change in the perception about the ministry and other key substantial deliverables including cutting cost, growing income streams and helping the federation stabilise.”
To the heads of parastatals, he said: “I will imagine that in the first couple of months we would let the Managing Directors of various parastatals work with us to understand what the agenda for this administration is.
He said that part of his mission was to cut costs, block leakages while promoting transparency and accountability in the business of the ministry, saying it was important for all stakeholders in the ministry to devise new ways of doing things, given the vantage position of the ministry as a major source of revenue to the federation.
According to him, it is necessary to think of new ways of doing business, given the dwindling nature of revenues accrued to the nation.
“Our policy direction is to find more money, find more oil, find more gas, monetise them and put money in the hands of the government.
“We have dwindling resources and yet the whole nation depends on this ministry to provide the resources. “So we must be able to put on the cap on how do we cut cost; how do we improve on earnings; how do we make Federation Account to improve? “How do we put controls that are essential to avoid leakages; how do we develop new income strings?