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We've Not Stopped Processing Subsidy Payments - PPPRA

Source: THEWILL. -
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… Assures Of Q4 PMS Import

ABUJA, February 20, (THEWILL) - The Petroleum Products Pricing Regulatory Agency, PPPRA over the weekend assured Oil Marketers that it has not stopped processing subsidy claims from genuine importers of products contrary to some insinuations recently in the media.

Addressing journalists in Abuja at the end of the mid-quarter performance review of PMS imports for the fourth quarter of 2011, Executive Secretary of the agency, Reginald Stanley noted that the agency has completed processing of all claims for marketers for 2011.

"While Marketers have been holding back to import due to the unavailability of credit lines by banks, the recent pronouncement of proposed N888billion for subsidy provided in the 2012 budget should give enough comfort, both to the Marketers and Banks to resume imports very aggressively", Stanley explained.

He announced that the mid-quarter performance review of PMS shows 27 percent achievement by Marketers.

"There will be a final appraisal of the Q4 performance on the 31st March 2012 and companies that did not perform up to expectation will not only be sanctioned but will be dropped in subsequent quarters," the PPPRA helmsman stated.

He noted that the PPPRA as the Agency charged with the processing of subsidy claims wishes to assure all Marketers that all genuine deliveries will be processed for payment after due verification by the agency.