Fuel scarcity not caused by payment of marketers – Okonjo-Iweala

Minister of Finance, Ngozi Okonjo-Iweala

The Minister of Finance, Ngozi Okonjo-Iweala, has denied that the fuel scarcity witnessed in some parts of the country was caused by non-payment of oil marketers.

Mrs. Okonjo-Iweala said this while briefing newsmen on Tuesday in Abuja.

“I want to emphasise that contrary to some unfounded speculations, the queues are not caused by payment issues.
“As you know, we paid the marketers a total of N320.8 billion from the Excess Crude Account in two instalment in December last year.

“This underscores the fact that we are taking payment of marketers very seriously indeed.

“We’ve been in constant touch and talking with the marketers and a week ago we reached an agreement with them on their core concerns which we have addressed,’’ she said.

She said that the government was very concerned about the fuel queues which had appeared in Lagos, Abuja and other parts of the country.

According to her, the petroleum ministry and NNPC have worked very hard to reduce them to the barest minimum.

“We sympathise with Nigerians whose lives are being disrupted by the queues and assure them that we are working hard to end them as quickly as possible.

“The situation is due to a mix of factors including disruption of pipelines and logistical issues and they are being attended to urgently,’’ she said.

The minister said that government had reached an agreement with the marketers union on the N185 billion balances of their payment.

She noted that as part of this agreement, it would pay the costs they incurred, their fees and interest and forex differentials.

She added that Debt Management Office (DMO) had issued Sovereign Debt Notes to cover N100 billion out of the N185 billion agreed upon as balance for the next payments.

“CBN has also given approvals for the banks to issue letters of credit,’’ she said (NAN)


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  • TRUTH MASTER

    Auntie Ngozi is being economical with the truth. The oil marketers themselves have said it was because they have not been paid. It is sad that people are ever willing to sell their conscience on the platter of expediency. Very sad.

    • Rotimi Lawanson

      Truth Master it seems you always come online to write crap. I have spoken with some key marketers and they all say this is a deliberate strike. What she said above is true.

      • TRUTH MASTER

        You are free to be judgmental and I don’t have a problem with that. What I have a problem with is for you to give me platitude. The marketers themselves came out to say they were being owed, hence are not able to engage in another round of fuel importation. And that is the true position. Why is the FG not paying them? And have you asked yourself: Why would all owners of filling stations and depots as well as tanker drivers collude to foist a needless strike on Nigerians? Are they all opposed to the FG? Are they all members of the opposition? Common sense, please, common sense!

        • Charles Owolabi

          The simple way to stop all this nonsense is to eliminate the subsidy. Period
          We should do what NOI advocated in 2012. That is a total liberalization of the down stream petroleum sector.
          Every body and anybody who has the means can import or refine the product.
          Let us stop playing games with this subsidy issue. Wale Tinubu and his subsidy friends have taken Nigeria for a ride for too long.
          They have made billions of dollars through sharp practices under this subsidy guise.
          Let us treat this like any other market and allow the Nigerian public to vote by the feet.
          In 2012 Labor led by el rufia oby ezekwesili and marketers led protests when NOI tried to remove the subsidy. The ground the country to a stand still. That is despite all the fraud committed on the Nigerian people.
          It took NOI to institute an inquiry that led to the identification of some fraudulent marketers. Others were able to escape and are still bent on milking the country dry through other subsidy scams- it still goes on.
          The only way to ensure Nigeria puts an end to this nonsense is for GEJ to stop this subsidy payments now. There is no economic basis for any payment.
          The global oil price has fallen significantly.
          These marketers should act responsibly and build modular refineries . Period

      • concerned9ja

        Why is it that you so-called apologists of GEJ are always pointing accusing fingers at opposition each time you fail in your ways. Is it that the whole world is against this clueless president. It was the same conspiratorial theory you spewd when the Chibok girls were kidnapped and there was time to act proactively. Is blaming the opposition even for your failure to sleep with your wife the best reason you can give at any situation? Common, Nigerians deserve something better than you lot

  • Sams

    I thought APC caused the fuel shortage??? lol

    • Rotimi Lawanson

      You may laugh but that is actually the truth

  • Rotimi Lawanson

    I knew it. My marketer friends told me that when she met with them that she promised they will be paid their money this month and they all agreed. My marketer friends told me that she always keeps to any agreement she makes because she is a woman of integrity. So if that is the case, who engineered this strike? This suspiciously seems to be engineered by Oando (Wale Tinubu) and a group of marketers loyal to APC. This is very sad because this shouldn’t be happening but it appears people don’t know when not to play politics. This woman has always been a woman of integrity and when she speaks it is usually always so.

    • Peter Perceival

      You are either gullible or you are dishonest for politics. If someone owes you N100 and pays N10 out of it, and starts telling the world he paid you N10, what does that mean? Why should there be a backlog of payments at all if she were efficient?
      It is a pity we have a government that is incapable of taking timely decisions. Even professionals like this madam have been turned into mediocres on the altar of politics. Instead of the government reducing petrol price to N87/litre it should simply have stopped the so-called subsidy once and for all. The government didn’t do it because the subsidy scheme is part of the looting machinery.

  • Peter Perceival

    Madam telling us you paid N328b to marketers does not mean anything to us. How much are you still owing the marketers? The fact is that you run a very inefficient system. Why should there be a payment backlog at all if your system paid moneys as and when due?

  • Outraged

    So the scarcity is no longer caused by APC as alleged by the drug addict FFK?

  • Guguru

    Ngozi is darn liar. Buhari should prosecute this woman when he becomes President. She budgeted N972 billion in the 2014 budget for fuel subsidy. So, why did she need to dip into the excess crude account to take $1 billion to pay the Petroleum Marketers? She stole this money from the excess crude account without the permission of the Governors or stakeholders to that account. On top of this she has now issued a sovereign debt note to banks to pay Petroleum Marketers, which suggests that the economy is broke. A sovereign debt note is simply a promise to pay a loan given to another entity on your behalf. She is a liar and she thrives on the ignorance of Nigerians not to ask the tough questions. Nigerians need to start asking questions so that crooks like Ngozi can stop abusing your intelligence.

    “The Minister of Finance, Ngozi Okonjo-Iweala, has said that the $1 billion said to be missing from the Excess Crude Account [ECA] was used by the Federal Government to settle debts to petroleum products
    marketers.

    The minister stated this in Abuja on Wednesday while presenting the breakdown of the 2015 budget proposal presented to the National Assembly for approval.

    The minister said the explanation was necessary to clear the air on allegations by the Chairman of the State Finance Commissioners Forum, Timothy Odaah, who said at the Federation Accounts Allocation Committee (FAAC) meeting on Tuesday that the 36 states and the Federal Capital Territory (FCT) were unaware of the whereabouts of the money.

    According to Mr. Odaah, the states were shocked that no explanations had been given by relevant government officials regarding the $1billion difference between the balance of $4.11 billion in the ECA in October and $3.1billion presented at the end of the November meeting on Tuesday.

    Mrs. Okonjo-Iweala did however not say why the Federal Government dipped its hand in the ECA without the knowledge or consent of the 36 states.

    Premium Times, December 2014, “Missing $1billion Excess Crude Funds spent on settling oil marketers’ debts”

  • Mrt

    I suppose this must have been caused by the opposition? according to Mr. Muasu and i think Fani Kayode. what the change

  • chi boss

    The federal government as said are concerned about the long queues experienced in most parts of the country, i believe they are working to put an end to fuel scarcity. Those in authority should try as much as possible to resolve this issues in order not to create unrest in the country. #GEJ4NAIJA

  • korona melvin

    WHATEVER THE ISSUE MAYBE, I URGE THE FG AND ALL THE BODIES INVOLVED TO REPAIR THIS DAMAGES, THE MASSES SHOULD NOT BE MADE TO FEEL THE BURNT OF THIS CRISIS JUST AS MR. PRESIDENT HAS ASSERTED, NIGERIA IS OUR OWN, WE SHOULD NOT USE OUR SELFISH INTEREST TO DESTROY IT. #GEJ4NAIJA

  • chi ngobar

    Femi Fani-Kayode said APC is responsible for the current fuel scarcity, NNpc said non-payment of subsidy moneys owed fuel marketers is responsible. Finance Minister Okonjo Iweala said logistics and disruption of pipelines is responsible. This is the result you get when nobody is in charge. what a government? Have mercy on us oh Lord

  • JibrilMusagroup

    The APC is a fragmented, violent and a disunited body, made up of all kinds of liars and evil men. We have known APC for all its kinds of evil, Tinubu must have done this because APC is violent party, May God see us through all their evil plans. Amen. President Jonathan has scored a moral victory against his opponents, as a role model for the younger generation to emulate as the new face of modern Nigeria. President Goodluck is the best President in Nigeria. Vote for Goodluck. #goodluck4president