Fuel Subsidy: I will not invent any answer to shield anybody – Okonjo-Iweala

Ministry re-introduces oil and gas monitoring unit ”How we saved the country N180billion” <br /><br />Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala has said her mission in government is to fight corruption and improve efficiency by plugging wastages and ensuring more transparency and accountability in the management of public resources. <br /><br />Pledging her commitment to cooperate with the House of Representatives Ad-Hoc Committee investigating the fuel subsidy issue, the Minister declared: “We must get at the truth because the country needs every kobo we can find. <br /><br />I will not invent any answers to shield anybody”. Dr Okonjo-Iweala also stated that subsidy is not an ideological issue and that the challenge is to ensure that subsidies are properly targeted to get to the people who need it most. <br /><br />Her Ministry, she announced, was determined to re-introduce an oil and gas monitoring unit to watch over the sector and ensure strict compliance with extant laws and regulation as well as adhere to transparency principles. <br /><br />She recalled how a similar unit which she set up during her previous stint as Finance Minister got some international oil companies to pay the country $1.2 billion following a study of their contractual obligations. <br /><br />Fielding questions at her second appearance before the House of Representatives Ad-Hoc Committee on Fuel Subsidy Management on Thursday, Dr Okonjo –Iweala described the campaign to pin the decision on subsidy removal on her as “unfair and incorrect”,because as President Goodluck Jonathan had said, it was a government decision and not something one individual took.  <br /><br />“The bulk of the subsidy wasn’t going to the target population and this is money that could be used to create additional jobs like the 370,000 new job scheme go.
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