Yemisi Izuora/Ijeoma Agudosi Izuora
The federal government and Major Oil Marketers Association of Nigeria (MOMAN) have come to harmony on the payment of N264 billion outstanding fuel subsidy claim.
The marketers today in Lagos said government has set March time limit for imbursement of the claims.
Mr Obafemi Olawore, Executive Secretary of MOMAN who dropped the hint denied the chitchat that the situation could cause scarcity in the country.
According him federal government is owing MOMAN members N264 billion subsidy outstanding from 2014 to part of 2015.
He also said marketers are being owed N100 billion on foreign exchange and interest rate to date adding that last year marketers were paid the sum of N345 billion for 2013 and part of 2014, while some outstanding is pending.
Olawore said that Minister of Finance, Dr Ngozi Okonjo-Iweala met with some stakeholders and marketers on Monday and promised to ensure payment of all outstanding subsidy claims to date.
He said that the minister had drawn a time table for payment on subsidy claims for marketers, while appealing to all parties involved to keep to their promises.
“We pray the minister does not fail on her promised to pay us all, outstanding debt by March ending.
We assure that with the promise of the minister on effective payment of our subsidy money, distribution of petroleum products across the country would commence immediately,’’ he promised.
The executive secretary MOMAN said that complete deregulation of the downstream sector remains the only way to address importation of products and subsidy payment.
He said that deregulation of downstream would fast track spring up of more modular refineries in the country, urging the National Assembly to pass the petroleum industry bill to address the sector challenges.
According to him, most marketers and companies have reached their limit, we cannot get fund from banks any longer due to the outstanding subsidy claims that have not been paid.
“The stock level of products in out tank farms is pretty low but we are going to start importing product and loading all products within our facility to filling station to wet the country with products.
Minister of Finance, Minister of Petroleum Resources , CBN Governor are discussing on how to address issues of foreign exchange which also encourage us to commence importation.
He said that government has assured payment differential on product margin to marketers from products importation.
