Nigeria owes fuel importers N54billion

Nigeria owes fuel importers N54billion

Monday, April 21, 2014 2:34 pm

Petrol importers are being owed N53.6 billion by Nigeria’s central government, being the outstanding subsidy claims made by them.

Mr Obafemi Olawore, the Executive Secretary, Major Oil Marketers Association of Nigeria, said the money being owed was at 1 April and appealed to government to redeem the debt or trigger fuel scarcity.

“As at April 1, we were still owed an outstanding of over N53.6 billion by government on subsidy which makes it extremely difficult for marketers to import products into the country.

“Most major and independent marketers who received Sovereign Debt Note from Debt Management Office last time never had it translated to cash from banks.

queue to buy fuel

queue to buy fuel

“We appealed to the Ministry of Finance to approve payment of our subsidy claims because this had made it difficult for some marketers to get loans from banks,’’ he said.

Olawore also advised the Petroleum Products Pricing Regulatory Agency (PPPRA) to start importation of second quarter allocation of petroleum to avoid fuel crisis.

“Delay on allocation of importation might cause product scarcity in the country if not managed carefully,’’ he said.

He alleged that the N41 billion that was recently paid to marketers did not reflect total arrears owed marketers to date.

He promised that the association would ensure total support for government in ensuring a robust petroleum distribution across the country if the association’s plea was taken seriously.

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