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FG & Petrol Marketers Disagree on Outstanding Subsidy Debt | Finance Minister to Meet with Marketers Today

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Ngozi Okonjo-Iweala - Time Magazine - April 2014 - BellaNaija.com

There is a disagreement between the federal government and petrol marketers about exactly how much subsidy debt is owed.

Punch reports that Minister of Finance, Ngozi Okonjo-Iweala says the government owes marketers N131 billion, however; the marketers insist that they are still being owed N200bn after last week’s payment of N154 billion.

A meeting is scheduled to hold today in which Okonjo-Iweala and the marketers discuss the disagreement, and hopefully reach a resolution.

Speaking on the issue, Executive Secretary, Major Oil Marketers Association of Nigeria, Thomas Olawore, told newsmen that “the government had paid N154.2 billion out of the N354.4 bilion it owed the independent and major marketers as well as the depot owners, leaving a balance of N200.2 billion.”

However, the Finance Minister stated,“as you know, we paid N156bn recently, N100bn of the principal payment that we owe them and then we paid N56bn interest rate and some remaining exchange rate differentials. Prior to that, we had just paid N31bn exchange rate differentials. So, at the time we paid that last week, what we had outstanding was N98bn.”As of now, since we made the announcement last week, it has now risen from N98bn to N131bn outstanding in principal payment. And they are now making a demand of N200bn and I ask them what is the balance for?”

Olawore further stated “We will explain to her that it is N200.2bn. The PPPRA is there as the middle party and will be able to establish the truth based on the agreed template.”

9 Comments

  1. Gigi

    May 4, 2015 at 6:56 am

    Please end the subsidy NOW! At least petrol will be readily available and not at N350 per litre!!! When last did we have diesel scarcity. The subsidy does not help the masses. It only enriches a select few. End the subsidy please

    • EllesarisEllendil

      May 4, 2015 at 11:08 am

      Subsidy can’t end while hundreds of millions of Nigerians still rely on their generator set. The amount of businesses alone that would go bankrupt is mind-boggling. Africa’s largest economy tag would be flushed down the drain.

  2. chique

    May 4, 2015 at 7:21 am

    Madam ‘Ecolomics’ I don’t like this your photoshop

  3. Adaobi

    May 4, 2015 at 7:54 am

    Greedy men. May God deliver us from these greedy marketers. I’m starting to believe fuel subsidy is causing more harm than good. All these billions should used to develop the nation, instead of filling up the bank account of some greedy men.

  4. Oluwaseun

    May 4, 2015 at 8:44 am

    With ask this billions flying around, fear dey catch me sef. I support you, Gigi. The subsidy should be COMPLETELY ERADICATED. Even with it, we still pay more than the pump price. The creepy settlers at feeling station charge from #20- #500 per keg depending on how big your keg is. This is just a big scam.

  5. tee A

    May 4, 2015 at 9:11 am

    What a horrid picture of Madam CME!

  6. chelle

    May 4, 2015 at 10:03 am

    whats that on her head

  7. ednutey

    May 4, 2015 at 11:32 am

    BN,biko nau…stop using this picture,it always reminds me about the cartoon they did of her and Jona….Lol.Im sure you guys can get better pictures,it kinda removes the seriousness from this article.#mythoughts

  8. miss Pynk

    May 4, 2015 at 1:51 pm

    We actually had no reason to subsidise petrol this entire year. They should cut the bullcrap and free up the markets. Let those who want to sell petrol sell. The price of brent crude this entire year has not been high enough for a subsidy and the price of brent crude is unlikely to hit $100 per barrel this year.

    pynk360.com

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