Fuel scarcity looms as FG owes marketers

From PUNCH News,
The nation may be thrown into another round of fuel scarcity as a result of mounting debts being owed oil marketers by the Federal Government.

Investigations by our correspondent on Sunday revealed that over N100bn was being owed independent oil marketers for petroleum products imported into the country between the last quarter of 2012 and February this year.

The development was confirmed by a senior official of one of the oil marketers’ associations during a telephone interview with our correspondent.

The official pleaded not to be named as his firm was one of the companies being owed subsidy claims by the Federal Government.

He said the N100bn debt arose from claims owed about 43 independent oil marketing firms.

He added that the debt could rise to about N200bn if subsidy claims by the Nigerian National Petroleum Corporation was considered.

The official pointed out that the development, if not addressed urgently, might result into another round of fuel scarcity in the country.

He said, “The Federal Government still owes us money for fuel subsidy. As I speak to you, the other payment that we are being owed is over N100bn and this amount covers the last quarter of 2012 till now.

“There are about 42 or 43 oil marketers that have oil depots and these are the numbers being owed.

“We borrow money from banks to import fuel into this country and they continue to owe us billion of naira.

“The more they delay in paying us our claims, the higher the interest rates from the banks.”

He said apart from the bulk payment that was made from the N161bn fuel subsidy supplementary budget of 2012, no other payment had been made.


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