· Says NASS members “are crucial stakeholders”
· Plans to educate Nigerians through TV documentary programmes
By Teddy Nwanunobi
The Petroleum Equalisation Fund (PEF) has given some reasons behind the delay in payment of oil marketers’ bill, saying that “it may be due to procedures taken to ensure accuracy in payment”.
This is even as the Fund is making plans to embark on television documentary programmes to further educate Nigerians on its roles.
The General Manager (Corporate Services) of PEF, Dr. Goddy Nnadi, who made the explanation in an exclusive interview with the Valuechain, also stated that, sometimes, there may be paucity of funds where PEF would have to chase contributions that are supposed to be paid into the Fund.
“Of course, we encounter challenges that are mitigated as they develop. There are various reasons why payment may be delayed, and in most cases, it may be due to procedures taken to ensure accuracy in payment. For instance, necessary information may be required, and the marketers contact details may not be accurate.
“And then, there are situations of paucity of funds, where we have to chase contributions that are supposed to be paid into the Fund. The PEF is not government-funded, but consumer-funded, and the marketers hold money in trust for remittance to the Fund,” Nnadi explained.
Nnadi stated that PEF is currently working to enhance its processes with the Downstream Automated Fuel Management Information System (DAFMIS).
“PEF(M)B has a culture of utilising technology to ensure seamless operations to enable faster processing and payment of claims. We are currently working on further enhancing our processes with the Downstream Automated Fuel Management Information System, known as DAFMIS. The launch of DAFMIS will see enhanced operational efficiency, better visibility amongst stakeholders in the industry,” he said.
Meanwhile, the Fund is making plans to embark on television documentary programmes to further educate Nigerians on its roles.
Nnadi dropped the hint in a chat with Valuechain while also explaining what PEF is doing for Nigerians.
He said that the Fund is a buffer for the adverse effect of price fluctuations.
“PEF(M)B was established based on certain challenges that existed at the time. These include: insufficient refining capacity and inadequate distribution network. Those challenges still exist today, resulting in the high dependence on road haulage for distribution of petroleum products. We reimburse petroleum marketing companies transportation costs for movement of products based on any loss they may suffer solely and exclusively for the sale of those petroleum products at approved prices.
“The socio-economic benefit of PEF(M)B is extensive. The PEF has impacted on petroleum product price stability being a buffer for the adverse effect of price fluctuations. PEF has also compensated immensely for the infrastructural deficit in the country. The stability being experienced in the sector has encouraged micro and small businesses, and we see continuing investments in tank farms, retail outlets and truck haulage which are all platforms for generation of employment.
“We have a robust communication strategy which has identified our various audiences and relevant channels of communication with them. So, we engage with them on a defined timeframe and also on a daily basis via our information channels, i.e., our website, which is currently being redesigned, media channels, brochures, attendance at conferences amongst others. We have been conservative with launching into vigorous advertising as certain modes of communication are quite expensive. We have rather expended those funds on ensuring the efficiency and effectiveness of our processes. Though, with new opportunities, we have plans to embark on documentary TV programmes to further educate the public on our role,” he disclosed.
He added that members of the National Assembly are crucial stakeholders with PEF.
“We are in constant engagement with the legislative body. They are crucial stakeholders. We have established communication channels which are quite efficient. From time to time, we have (fora) for deliberations, brainstorming and information dissemination to ensure transparency and accuracy in information concerning the PEF(M)B. Our plan is to maintain (these) channels and as is our culture in the organisation, develop innovative and enhanced means of communication,” Nnadi added.