FG & Petrol Marketers Disagree on Outstanding Subsidy Debt | Finance Minister to Meet with Marketers Today

There is a disagreement between the federal
government and petrol marketers about exactly
how much subsidy debt is owed.
Punch reports that Minister of Finance, Ngozi
Okonjo-Iweala says the government owes
marketers N131 billion, however; the marketers
insist that they are still being owed N200bn after
last week's payment of N154 billion.
A meeting is scheduled to hold today in which
Okonjo-Iweala and the marketers discuss the
disagreement, and hopefully reach a resolution.
Speaking on the issue, Executive Secretary, Major
Oil Marketers Association of Nigeria, Thomas
Olawore, told newsmen that "the government had
paid N154.2 billion out of the N354.4 bilion it owed
the independent and major marketers as well as
the depot owners, leaving a balance of N200.2
billion."
However, the Finance Minister stated,"as you know,
we paid N156bn recently, N100bn of the principal
payment that we owe them and then we paid
N56bn interest rate and some remaining exchange
rate differentials. Prior to that, we had just paid
N31bn exchange rate differentials. So, at the time
we paid that last week, what we had outstanding
was N98bn."As of now, since we made the
announcement last week, it has now risen from
N98bn to N131bn outstanding in principal
payment. And they are now making a demand of
N200bn and I ask them what is the balance for?"
Olawore further stated "We will explain to her that
it is N200.2bn. The PPPRA is there as the middle
party and will be able to establish the truth based
on the agreed template."


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