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Finance Ministry Says It Has Released N161B To CBN For Subsidy Payments

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SAN FRANCISCO, January 08, (THEWILL) - The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala Tuesday said the Finance Ministry has made the N161.6 billion supplementary budget for subsidy payments which was approved by the National Assembly available to the Central Bank of Nigeria since December 31, 2012.

“The payments are presently going through the CBN’s processes which include the conversion of the dollar equivalent from the Excess Crude Account and will be concluded soon, a statement by her media aide said, adding that “she confirmed that payments totalling N94 billion have been verified for 23 marketers who will be paid in the next few days.”

“We are committed to paying all companies who deserve to get subsidy payments just as we will not pay undeserving firms. That is the mandate we have from the President”, Dr Okonjo-Iweala declared, according to the statement.