After paying N150 billion, Nigerian govt still to pay N660 billion to fuel importers – Official

petrol tankers[Photo Credit:News Nigeria]
petrol tankers[Photo Credit:News Nigeria]

The Major Oil Marketers Association of Nigeria, MOMAN, on Wednesday said Federal Government had assured of full settlement of all debts owed on importation of petroleum products.

The Executive Secretary of MOMAN, Obafemi Olawore, told the News Agency of Nigeria in Lagos on Wednesday that the government had demonstrated positive disposition to defray the N660 billion owed to oil marketers.

Mr. Olawore said that government and MOMAN officials had been holding meetings on how to reconcile the debt figure to enable payment to be made, adding that solution was in sight.

He lauded the government for convening the stakeholders’ forum to discuss pertinent issues that would support effective distribution of petroleum products across the country.

He said that the meeting considered various frameworks and options for the reconciliation and resolution of outstanding subsidy claims from previous years.

Mr. Olawore added that the meeting also discussed foreign exchange differentials, delayed payments interest and bridging claims which were expected to boost and sustain the fuel supplies.

“The government has stressed the importance of continued private sector participation in the entire downstream sector value chain and as such, find lasting solution to the outstanding debt.

“Government is trying its best; we are going to give them full support. They have told us their challenges which we are aware of and they are making all effort to pay all outstanding debts.

“They have promised that at the end of the reconciliation everything will be settled,” he said, adding that there were some areas where the marketers would pay some money to the government.

He explained that the recent payment of N150 billion to the marketers through the Petroleum Equalization Fund (PEF) was for bridging of products.

According to Olawore, the N150 billion was money owed marketers on transportation of products from one destination to the other outside a particular region.

He said that the debts comprised bridging arrangement, products importation arrangement and Nigerian National Petroleum Corporation (NNPC) arrangement on cost of products.

NAN recalls that on January 18, oil marketers appealed to the government to settle subsidy arrears of over N660 billion to enable them to strengthen their capacities for importation of petroleum products.

However, on January 26, the government ordered immediate payment of N150 billion to independent oil marketers across the country. It was intended to check the threat to steady supply of the products.

(NAN)


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  • Wilfred Bankole Ademokun

    HABA HABA DORO BANDITS HABA, which money is #660 billion? Instead for Federal Government to pay THESE DORO BANDITS THAT DOESN’T SUPPORT THE GOVERNMENT REFINERIES TO FUNCTION, THE GOVERNMENT MUST USE THE MONEY TO CONSTRUCT NEW REFINERY.

  • Ohnigeria Godsavenigeria

    By now, bubu would have learnt without being told that talking is different from doing.
    600b debt to fuel importers, by April 2015,it would have been declared as corruption by Buhari.
    I remembered that almajiri declearation when bubu raised an alarm when asked to comment on subsidy challenge and bubu charged and asked ”who is subsidizing who ”
    Is it not a big scam that at 145 per litre, and 500 per litre of kerosene, we are still subsidizing.

  • ukoette ibekwe

    The irony and probably the most corrupt part of the payment is that a chief of staff chaired a meeting with the importers and ordered for the payment to be made. Meanwhile, we have a substantive President (VP) or maybe he is not substantive.

  • Impulse400

    Shotan x4…!!!
    Shotan ni ooh, Senior MUGUS…!!!

    Nigerian are charting a destiny for themselves where they will end up perishing.

    You are all free to keep discussing till you all die one by one because you all fail to do exactly what needs to be done.

    I think I know why you all fail to fight irresponsible government. You all wish to lead irresponsible lives individually. You are also guilty of being irresponsible yourselves. Shame on you all…!!!

  • Caleb

    “NAN recalls that on January 18, oil marketers appealed to the government to settle subsidy arrears of over N660 billion to enable them to strengthen their capacities for importation of petroleum products.

    However, on January 26, the government ordered immediate payment of N150 billion to independent oil marketers across the country.”
    I thought subsidy is a fraud and pump price jacked up to N145/litre even when crude sells below $60/barrel. Now I understand what it means to fight corruption and corruption fighting back.