Monday, 4 May 2015

FG Resolves Oil Subsidy Debt Controversy

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The Federal Government on Monday met with the Major Oil Marketers Association of Nigeria with an assurance that the fuel scarcity, being experienced in some parts of the country, would be over within the next few days.

The meeting, presided over by the Minister of Finance, Dr Ngozi Omonjo-Iweala, was held at the headquarters of the Ministry of Finance in Abuja.
It was also resolved at the meeting, which was attended by representatives of MOMAN and some senior officials in the finance ministry, that outstanding subsidy claims would be paid even after a new government takes over power.
 At the end of the meeting, which lasted over four hours, Okonjo-Iweala, who briefed journalists in company with the Executive Secretary, MOMAN, Mr. Thomas Olawore, said the issues that led to the scarcity had been resolved.
She said based on the discussions at the meeting, the Federal Government and the oil marketers had both agreed to bring an end to the fuel scarcity problem.
The minister added, “We have appealed to them (oil marketers) and you have heard them saying, following the payment of the N154bn, things will ease off.
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“We ve spent a considerable time talking about this and we welcome the news that have been announced by the marketers and we thank them.
“On our own side, we have discussed the issues they have put on the table and we are looking into them, government is a continuum and you find out that whatever the issues are, they would be resolved so that Nigerians will not suffer.”
When asked how the controversy surrounding the actual outstanding subsidy arrears, being owed the marketers was resolved, the minister said it would be difficult to get the exact debt owing to what she described as the “rolling”nature of the business.
She, however, said with the understanding reached with the marketers, all the outstanding debts owed would be paid based on claims processed by Petroleum Pricing Products Regulatory Agency
The minister said, “What I want you to understand is that this is a rolling business and there is no one definitive figure.”

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