N800 billion Subsidy Debt: Nigerian govt, fuel marketers ‘reach agreement’

Nigeria's ministry of finance building
Nigeria's ministry of finance building

The Nigerian government says it has reached an agreement with oil marketers over a disputed N800 billion fuel subsidy claim.

But the marketers told PREMIUM TIMES by telephone that a meeting with the government was still ongoing and there were no conclusions yet.

Both sides met Thursday in Abuja in a bid to forestall another fuel crisis.

Last Sunday, oil marketers on the platform of Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers Association issued a seven-day ultimatum to the government to pay the debt or risk a shutdown of all depots and fuel distribution outlets nationwide.

Although government responded with an offer of N340 billion, the marketer rejected it, saying they needed cash to help them resolve the immediate challenge of paying their workers outstanding salaries and other obligations.

A statement late Thursday by the finance ministry, said all parties had agreed on “settlement terms”. The statement, however, did not state the details of the agreement.

But it said all parties agreed to ensure operations at all petroleum products depots and sales outlets continue uninterrupted till further notice.

In attendance at the meeting were representatives of the petroleum products marketers, namely Depot and Petroleum Products Marketers Association (DAPPMA), Major Oil Marketers Association of Nigeria and Independent Petroleum Marketers Association of Nigeria.

Others were officials from the Federal Ministry of Finance, Nigerian National Petroleum Corporation, Central Bank of Nigeria, Budget Office of the Federation, Office of the Accountant-General of the Federation and the Petroleum Products Pricing Regulatory Agency.

..More details later..

Support PREMIUM TIMES' journalism of integrity and credibility


Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.