SUBSIDY funds on petroleum products for 2011 may eventually amount to N2.3 trillion, sources close to the adhoc committee of the House of Representatives probing the fuel subsidy regime have said.

It was learnt on Friday that following claims of outstanding subsidy payments for the year, members of the Committee have totalled the figures and were afraid the amount could hit N2.3 trillion.

According to sources, two companies have submited petitions indicating that they were being owed N4 billion in subsidy payments, while some other companies were coming with claims ranging from N100 million to N1 billion.

"When the committee and the agencies of government finish their verifications, I am afraid the subsidy money will be in excess of N2 trillion," a source said adding that the Governor of Central Bank, Malam Sanusi Lamido Sanusi has already confirmed that the funds hit N1.7 trillion.

Meanwhile, the adhoc Committee was full of praises for the presentation by Folawiyo Energy during the sitting last week.

The company's General Manager, Dipo Makanjuola, who spoke at the hearing told the public hearing that Folawiyo Energy  operates a tank farm that services high-end customers efficiently and without demurrage  since its facilities can discharge 45 million litres from any vessel within 24 hours. The company's participation in the PPPRA's petrol support fund, Makanjuola said, represents only 21% of its entire business and it was conducted with integrity and properly documented. With 10.5 metre draught, Folawiyo Energy's facilities for discharging fuel cargoes is surpassed in Nigeria only by the NNPC-owned Atlas Cove.