FG pays #165bn debt to oil marketers

By admin on

Share on facebook Yahoo mail icon Gmail icon

Views: 1,369


The Federal Government on Thursday said it had paid N156 billion debt to oil marketers in line with its commitment to prioritise payments in spite of revenue constraints.
This is contained in a statement by the Special Adviser to the Coordinating Minister and Minister of Finance, Mr Paul Nwabuikwu, on Thursday in Abuja.
The statement stated that the payment had two components comprising `I owe you’ (IOU), given in March and interest on payment.

“The first consists of the cash backing of the N100 billion IOU which the marketers were given in March. The second is N56 billion in interest payments for the marketers according to the PPPRA template.
“This leaves a balance of N98 billion certified by PPPRA as the amount owed the markers,” it stated.
It explained that the N156 billion was the latest in a series of significant payments made to the oil marketers within the last five months.
It explained that these included over N300 billion in two instalments in December last year and N31 billion in interest differentials recently.
It stated that in all, oil marketers had received over N500 billion within the past five months.
Okonjo-Iweala, in the statement, urged the marketers to appreciate the efforts being made by the government to meet up with their payments.
The coordinating minister also urged them to reciprocate with some understanding of the situation of Nigerians who should not suffer more.
The minister urged the marketers to sustain the distribution and supply of fuel to end the suffering of Nigerians at fuel stations.

“The Federal Government has made maximum effort, in spite of the well-known fact that the fall in oil prices has significantly reduced national revenues, to prioritise payments to marketers.
“For the sake of Nigerians who are bearing the brunt of fuel scarcity, the marketers should reciprocate in the spirit of dialogue and cooperation in which we have always tried to engage them,” she said.
The Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Mr Obafemi Olawore, in a telephone interview with the News Agency of Nigeria (NAN), appreciated the gesture and commended the Federal Government for fulfilling its promises.
Olawore, however, said the association would not take any corresponding action until its members received payment alert from their respective banks.
The MOMAN scribe said the association was ready to commence importation and distribution of fuel to end the suffering of Nigerians at fuel stations once the money hit their accounts.
He said the members would not work with any paper promise without cash backing.

 

Source NAN

Posted on April, 30 2015

Share on facebook Yahoo mail icon Gmail icon


You may also like...
Make a Public Appearance to dispel rumour, NLC...

Ikpeazu v Otti: Electoral Observers faults Court of...

Whistle-blowing: EFCC Arraigns Two for False Information

Nigeria under Buhari will not benefit from Trump's...

Minister defeats stepson to win Yobe federal constituency...

Non Passage Of PIB Responsible For Lack Of...

NANS urges Fashola to release arrested students

Fulani herdsmen killings: Abia engages additional 7,540 vigilantes...

Imo Deputy Governor denies rumour of impeachment

Army begins trial of General, 22 others

Delta Pensioners protest;Gov.Uduaghan reacts

Supreme Court Victory: Ogah congratulates Ikpeazu
News Abia Election Special (3) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (197) Business (43) Campus News (3) Crime (129) Economy (112) Education (129) Entertainment (148) Fashion and Style (3) General (849) Health (110) Inside Africa (41) International News (303) Interviews (28) National (1962) Politics (1010) Press Releases (120) Religion (9) Security (129) Sports (431) Technology (24) World News (87)

 

 

Advertisement

 

Latest News A Special Day of Tributes for Prof. Pius Adesanmi No Certificate of return to Okorocha, INEC insists Osun tribunal: Atiku, Obi congratulate Adeleke BREAKING: Tribunal declares PDP’s Adeleke winner of 2018 Osun Gov election INEC reacts as US says voter intimidation in Nigeria’s 2019 polls disappointing FG frees 32 prisoners in Edo INEC unsure of supplementary election in Adamawa Ikpeazu's re-election is Divine - APGA Man beats wife to death for disrespecting him in Niger state INEC’s server shows we beat Buhari with 1.6 million votes - PDP

 

Most Read Islamic agenda for Nigeria – Pastor Bosun (24,649 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (17,874 views) The show of shame that sealed Justice Uzokwe’s fate (17,681 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (8,022 views) Lawyers accuse Lagos Police of working for PDP (7,517 views) Radio Biafra delivers AM Transmitter (7,264 views) ‘Why fuel scarcity persists’ (6,408 views) Abiriba Kingdom Celebrates as Eze Kalu Kalu Ogbu (IV) marks 14th year on the throne (6,177 views) Cojoined Twins Abby And Brittany Hensel Pose in Bikini (6,028 views) Nurse Justina Obi Ejelonu, one of the nurses that contracted Ebola virus is dead!!! (5,913 views)