Yemisi Izuora
The Depot and Petroleum Products Marketers Association (DAPPMA), have lamented over N660billion debt owed marketers by the Federal Government for imported fuel and interest on bank loans has posed hindrance to petroleum importation into the country.
Its Executive Secretary, Mr Olufemi Adewole who was reacting to the long queue of trucks along Ijora-Apapa awaiting to load product at Dockyard and Apapa depot, said the debt has put marketers in a precarious situation.
Adewole said that most marketers have stopped importing product due to inability to access foreign exchange and government refusal to pay outstanding debt owed.
He said that marketers currently owe some Nigerian banks over 1 billion dollars, which they took as loans to import fuel, and because the government couldn’t pay them or pay the banks interest on the loans as agreed, the interest accumulated over time.
According to him, The main debt is over N500billion while interest on loans is over N160billion.
The inability to pay or service the loans has not only stalled their further importation of fuel but is threatening the operation of the affected banks and the nation’s financial industry at large
Foreign exchange remain another big challenge, we don’t have forex to import the product, except were able to get adequate forex.
For now landing cost on petrol stood over N145 due to high forex rate which posed serious concern to marketers on the price to sell the product,’’ he said.
Speaking further Adewole said, Most marketers depend on NNPC imported petrol cargoes, we buy from NNPC and our selling price depend on the price given to us.