Oil marketers give FG seven days ultimatum to pay N800b subsidy debts

Oil marketers give FG seven days ultimatum to pay N800b subsidy debts

Oil marketers give FG seven days ultimatum to pay N800b subsidy debts

Oil marketers have issued a seven-day ultimatum, demanding that the Federal Authorities settle the excellent debts totalling N800 billion, failing which depots would stop operation throughout the nation.  

The marketers, comprising Main Oil Marketers Affiliation of Nigeria, Depot and Petroleum Merchandise Marketers Affiliation and Impartial Petroleum Merchandise Importers, mentioned failure to meet the deadline would drive its members to disengage employees from depots.  

Confirming the seven-day discover, Patrick Etim, Authorized Adviser to IPPI informed the Information Company of Nigeria that banks have taken over investments and belongings of oil marketers over unpaid debts. In accordance to Etim, marketers don’t have any alternative that to ask their employees to keep at house over unpaid wage arrears due to large subsidy debts owed by the federal government.  

“The one manner to salvage the scenario is for presidency to pay the oil marketers the excellent debts by way of money choice as an alternative of promissory be aware being proposed. As I converse, nothing has been finished a number of months after assurances acquired by authorities saying it will pay off the excellent debts.

The oil marketers have requested that foreign exchange differential and curiosity part of presidency’s indebtedness to marketers be calculated up to December 2018 and be paid inside subsequent seven days from the date of the letter despatched to the federal government,’’ he mentioned.

Etim mentioned that a number of thousand jobs have been on the road within the business, as oil marketers start to cut-down their workforce due to lack of ability to pay salaries  “On the inception of the present administration, marketers engaged the federal government with the view to safe approval for all excellent subsidy-induced debts handed over to the present administration,’’ he mentioned.  

The counsel mentioned that the present administration paid a part of the debts with a considerable portion of the subsidy curiosity and overseas change differential nonetheless pending.  The Govt Secretary of DAPPMA, Mr Olufemi Adewole, additionally confirmed the seven-day ultimatum discover.  

Adewole disclosed that the oil marketers on November 28 served the ultimatum letter on the Debt Administration Workplace, Minister of Finance, Chairman, Senate Committee on Petroleum Downstream, Division of State Companies and Minister of State, Petroleum Assets. 


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