According to fresh filings at the Nigerian Bourse, the federal government owes some major oil marketers N16billion outstanding subsidy and bridging claims in the first quarter of 2016.
Details of the debt claims is contained in the 2016 first quarter unaudited financial results of four petroleum marketing companies filed with the Nigerian Stock Exchange, NSE.
An analysis of the financials of the four oil marketers listed on the NSE showed that N8bn was outstanding subsidy claims and another N8bn bridging cost was incurred by the government between January and March.
With respect to subsidy claims, fuel and lubricant marketer, Forte Oil Plc, said it had outstanding N7bn while Total Nigeria Plc said it was owed N1bn subsidy claims by the Petroleum Product Pricing Regulatory Agency (PPPRA) for petrol imported in the first quarter.
In May, the federal government paid oil marketers a total of N48.2bn as the outstanding subsidy claims for 2015. While marketers without tax liabilities were paid in full, those indebted to the Federal Inland Revenue Service (FIRS) and the Asset Management Company of Nigeria were denied payment. The government, however, did not disclose the identities of oil marketers not paid.
Amounts receivable from the Petroleum Equalisation Fund (PEF) with respect to bridging claims as at March 2016, according to the companies’ filings, were: Total N5.9bn, Mobil Nigeria Plc N1.3bn and MRS Oil Nigeria Plc N977.8m.
Some of the marketers, however, admitted that negotiations were ongoing in respect of settlement of their bridging claims.
