As part of efforts to avert the threat by marketers to stop importation on account of the refusal of banks to provide credit facilities due to the huge outstanding claims, the Federal Government has promised to pay the fuel marketers N264 billion.
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala disclosed that foreign exchange differentials and interest on delayed payment would be made by the end of March.
This development was the outcome of a closed-door meeting between the minister and the chief executive officers of some of the Oil Marketing and Trading (OM and T) companies in Lagos last week.
Confirming the agreement reached at the meeting, the Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), Obafemi Olawore, told journalists in Lagos on Tuesday, February 24, that with the minister’s assurance, the marketers would play their own part to ensure that any form of scarcity of products at this period is averted.
“We have outstanding subsidy and outstanding foreign exchange and interest. You recall that last year, the federal government, through the Ministry of Finance paid us about N345 billion, which was mainly for 2013 and part of 2014. However, we still have some outstanding claims for 2014 and early part of 2015. The total invoices already sent and processed are about N164 billion on subsidy. On foreign exchange and interest combined, the total amount is around N100 billion now,” he said.
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