The PUNCH’s investigations showed
that oil marketers, who went to the CBN on Monday, were turned back on
the grounds 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.
(PUNCH)
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Nawa for our country ooooo
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