Another Fuel Scarcity Looms: Oil Marketers Say FG Still Owes N219 Billion Subsidy Payment

The fuel crisis that has been grounded economic activities in the nation might not be over just yet as the Depot and Petroleum Products Marketers Association (DAPPMA) is claiming that government is yet to indicate when it will pay the outstanding subsidy of about N291billion

The DAPPMA in a statement by its executive secretary, Femi Adewole, in Lagos yesterday, recalled the aftermath of the Senate Committees’ meeting with major petroleum industry stakeholders which successfully persuaded the petroleum tanker drivers (PTD), NUPENG and NARTO to call off their strike on May 25, 2015, and resume loading of fuel from the various depots that had stock.

According to him, depot owners and other fuel importers under the petroleum subsidy scheme were still being owed billions of naira in unpaid subsidy reimbursement, interest on delayed payment and foreign exchange differentials, a development that was admitted to by the former minister of finance and coordinating minister for the economy, Mrs Okonjo Iweala, in her letter to DAPPMA and MOMAN, a copy of which she also released to the Senate Committees for reference

He stated, however, that the letter did not state the timeline for the re-verification exercise which the minister instituted on the amount she disputed and also did not state the expected date of payment which the petroleum subsidy fund (PSF) participants had been clamouring for in all the meetings held with her since February 2015.

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