Cloudy Weather Report Ramallah, Palestine +4°C, Cloudy

Oil marketers to get N236bn subsidy claims by December 14 - FG

- Oil marketers would soon be paid N236 billion out of N348 billion according to the federal government

- Specifically, the federal government said the money would be paid by Friday, December 14

- The money is part of outstanding subsidy claims by the oil marketers

The federal government said oil marketers would be paid N236 billion out of N348 billion approved by the National Assembly as outstanding subsidy claims on Friday, December 14.

The chief operating officer, Nigerian National Petroleum Corporation (NNPC) Downstream, Mr Henry Ikem-Obih disclosed this to newsmen in Abuja on Saturday, December 8.

READ ALSO: Atiku’s ‘elder brother’ says Buhari will defeat PDP presidential candidate in 2019, gives reasons

“The Debt Management Office (DMO) will by next week, precisely on Dec. 14th, pay oil marketers first part of the subsidy arrears of N236 billion as agreed by both parties.

“We agreed that after the first tranche is paid, the marketers will form committee to work on details of how the next tranche will be paid in 2019 and the last paid in 2020.

“Government is fully committed to pay the first tranche as promised and will be paid through promissory note that will be issued by the DMO,’’ he said.

Ikem-Obih said that oil marketers equally owed government some debt which would not be deducted from the first tranche of payment.

He said that it was unfortunate that Depot and Petroleum Product Marketers Association of Nigeria (DAPPMAN) had issued a counter statement from what was agreed at the meeting held with all stakeholders on Thursday.

It will be recalled that stakeholders in the oil sector held a meeting at the ministry of Finance on Thursday and reached an agreement on how to pay outstanding subsidy claims to marketers.

DAPPMAN on Friday issued a counter statement saying that there was no agreement reached with government because it failed to reach legitimate demands of the association which was that the claims should be paid in cash instead of through the promissory notes.

He said that Independent Marketers Association, DAPPMAN, Major Oil Marketers (MOMAN), CBN, PPPRA, among others were part of the meeting.

“Government is committed to doing what we agreed on and that is why they get the first tranche by next week.

“We have told marketers that what government is doing now is honest and highly transparent,’’ he added.

Ikem-Obih urged Nigerians not to panic as the NNPC and all other stakeholders will ensure that there was no scarcity of the product throughout the yuletide season.

“Currently, we have 55 days of Premium Motor Spirit (PMS) storage in the country which translates to 2.8 million litres in volume and 90,000 metric tonnes of diesel.

“The 90,000 metric tonnes is supplied by NNPC and it’s subsidiary PPMC and we will continue to import,’’ he added

He said that apart from imported products, the Warri refinery had on Thursday started refining products and the Port Harcourt Refinery would soon kick off refining.

This, he said would continue to boost the quantity of product in the country.

In an interview, some marketers who spoke to News Agency of Nigeria (NAN) commended government and assured that they would support efforts towards ensuring smooth supply and distribution of petroleum products in the country.

Alhaji Aliyu Sa’id, Managing Director of AA Rano filling station said that national interest must be upheld and it would be wise for DAPMAN to give government a chance.

“We have enough products and we will not shut down for any reason, we do not want Nigerians to suffer during this period and that is why we are supporting government effort,’’ he said

Also, managing Director of AYM Shafa filling station, said that they would work to ensure that there was not scarcity of products in the country during the yuletide season.

“We will support government efforts to ensure smooth supply and distribution of products especially during the Christmas season,’’ he added.

PAY ATTENTION: Download our mobile app to enjoy the latest news update

NAN reports that other marketers who promised to ensure free flow of the product in the country include Obat oil PLC, ED Tonimas Nigeria Limited, among other. ( -> We have upgraded to serve you better

Meanwhile, had reported that the Senate on Thursday, December 6, gave the federal government a period of two weeks to pay fuel subsidy to oil marketers in order to avoid the already looming scarcity.

'Nobody can stop Buhari in 2019, Atiku cannot win' - Nigeria Street Gist | Legit TV.

[embedded content]



No tags for this article
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.

Related Articles

‘I Don’t Want To Have Any Regrets’- Hazard On Real Madrid Move

Chelsea forward, Eden Hazard, has again spoken about being linked with Real Madrid and admitted he does not want to have any regrets at the

BREAKING! FG & ASUU Reach Partial Agreement On Strike (See Details)

The Federal Government and the striking Academic Staff Union of Universities (ASUU) have reached a partial agreement. Dr Chris Ngige, the Minister of Labour and Employment,

‘Atiku, Saraki, Secondus, Others Listed For Arrest’- Federal Government Reveals

The Peoples Democratic Party (PDP) yesterday said the Economic and Financial Crimes Commission (EFCC) has listed key members of the party for arrest ahead of

Most Watched Videos

View all posts

Most Read News

View all posts

Super Falcons among the world’s most accomplished teams – Pinnick  

President of the Nigeria Football Federation, NFF, Amaju Pinnick has once again congratulated the Super Falcons for winning the just –concluded Total Women Africa Cup

Lifestyle: Elementary school principal put on leave after writing memo that banned candy canes and gingerbread people

Jennifer Sinclair, the principal of Manchester Elementary School in Elkhorn, Nebraska, was put on leave this week after she circulated a letter banning certain Christmas-themed

Aftermath of Oluwo’s defection: We’ve no secret deal with Ambode – Lagos PDP

•Oluwo was a serial opportunist — APC By Emmanuel Aziken, Political Editor The Peoples Democratic Party, PDP in Lagos State has denied a secret pact with Governor

Match-fixing: Super Eagles midfielder escapes jail term in Sweden

Former Super Eagles midfielder, Dickson Etuhu  escaped a six year jail term after a Swedish court found him not guilty yesterday. Dickson EtuhuEtuhu was accused of 

National Sports Festival: 8,861 athletes vie for honours

By Johnbosco Agbakwuru Sports minister, Solomon Dalung has said that about 8,861 athletes are expected to participate in the 19th National Sports Festival scheduled to commence

OPEC waiting for Russia before deciding how much oil to cut

The Organisation of the Petroleum Exporting Countries has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates

Most Watched Movies