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FG: We’ll pay oil marketers N236bn on Friday

FG: We’ll pay oil marketers N236bn on Friday

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The federal government says oil marketers would be paid N236 billion out of N348 billion approved by the national assembly as outstanding subsidy claims on Friday, December 14.

Henry Ikem-Obih, the chief operating officer, Nigerian National Petroleum Corporation (NNPC) downstream, made this known on Saturday.

“The Debt Management Office (DMO) will by next week, precisely on Dec. 14th, pay oil marketers first part of the subsidy arrears of N236 billion as agreed by both parties,” he said.

“We agreed that after the first tranche is paid, the marketers will form a committee to work on details of how the next tranche will be paid in 2019 and the last paid in 2020.

“Government is fully committed to paying the first tranche as promised and will be paid through promissory note that will be issued by the DMO.”

According to Ikem-Obih, the debt owed the government by oil marketers will not be deducted from the first tranche.

He said it was unfortunate that the Depot and Petroleum Product Marketers Association of Nigeria (DAPPMAN) is making a contrary statement to the agreement reached on Thursday at the ministry of finance.

There had been a meeting at the ministry where an agreement was said to have been reached on how to pay outstanding subsidy claims to marketers.

DAPPMAN issued a counter-statement saying that there was no agreement reached with the government because it failed to reach legitimate demands of the association which was that the claims should be paid in cash instead of through the promissory notes.

He said that Independent Marketers Association, DAPPMAN, Major Oil Marketers (MOMAN), CBN, PPPRA, among others were part of the meeting.

Ikem-Obih urged Nigerians not to panic as the NNPC and all other stakeholders will ensure that there was no scarcity of the product throughout the yuletide season.

He said that apart from imported products, the Warri refinery had on Thursday started refining products and the Port Harcourt Refinery would soon kick off refining.

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