4th March, 2015
President Goodluck Jonathan, on Wednesday, ordered the supply of adequate petroleum products to filling stations nationwide.
Dr Ngozi Okonjo-Iweala, the Minister of Finance and Coordinating Minister of the Economy, said this when she briefed State House correspondents on the outcome of the weekly Federal Executive Council (FEC) meeting.
The meeting was presided over by President Goodluck Jonathan.
“The second issue really is about fuel marketers and fuel marketing situation, the scarcity and the lines and queue being experienced in the country.
“We discussed that at the Federal Executive Council (meeting), because Mr President wanted a quick action to improve the situation as fast as possible.
“So, after the briefing and discussion on both the financial and the physical sides, what emanate is that this situation we hope it will soon be resolved.
“Because, both on the financial side, action has been taken and is being implemented both through the Ministry of Finance and the Governor of the Central Bank.”
According to her, the Federal Government in December paid N320.6 billion to settle the claims of marketers, while the outstanding balance of N185 billion will soon be paid to them as Sovereign Wealth notes.
This, the minister said, was to cover the amount that had been issued to the affected marketers.
Okonjo-Iweala also revealed that the council approved N326 million for the provision of temporary office building for the Investment and Securities Tribunal (IST).
According to her, the property is located at Plot 1072 Cadastral Zone b10, Dakibiyu District, Airport Road, Abuja.
She said that the approval was informed by the fact that the tribunal had over the years been grappling with the challenge of regular payment of rent on its office accommodation as well as threats of eviction from the rented office accommodation.
“The procurement will be funded from a grant of N410, 004,829.81 by the Securities and Exchange Commission (SEC) to the Tribunal, based on a request by the Minister of State for Finance for the office building, pool vehicles for judges and other operational purposes.
“After deliberations, council approved the contract to procure temporary office building located at Plot 1072 Cadastral Zone b10, Dakibiyu District, Airport Road, Abuja for the Investments and Securities Tribunal (IST).
“This is in favour of Messrs El-Davido Properties and Engineering Services Limited in the sum of N326,095,875 inclusive of VAT with a delivery period of three weeks.”