Nigeria: FG clears N48.2bn subsidy arrears to marketers

Oscarline Onwuemenyi
18 May 2016, Sweetcrude, Abuja – The Minister of Finance, Mrs Kemi Adeosun has disclosed that the Federal Government has fully paid the N48.2 billion outstanding subsidy arrears owed oil marketers in 2015.

fuel pumpA statement by the ministry’s Director of Information, Mr Salisu Dambatta, in Abuja, said the payment was made recently to enable the oil marketers to import petroleum products and meet up their other financial needs.

“The gross total outstanding subsidy claims accruable to the oil marketers for 2015 stood at N48.2 billion, while deductable tax liabilities payable to the Federal Inland Revenue Service (FIRS) stood at N5.2 billion only.”

Furthermore, it noted that the minister directed the Debt Management Office (DMO) to pay the claims less tax liability of N5.2 billion, which was computed by the Federal Inland Revenue Service (FIRS).

It said that oil marketers without tax liabilities were paid in full, while oil marketers with net subsidy claims and FIRS liabilities were paid net claim after deduction of tax liabilities.

“Oil marketers that were indebted to FIRS and the seven oil marketers that are indebted to the Asset Management Company (AMCON) were not paid until they settled their debts with the two agencies,” it stated.

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