Lagos — The federal government has paid off the subsidy debts to oil marketers to the tune of 90 percent.
This was revealed by the Chairman, Major Oil Marketers Association of Nigeria, MOMAN, Mr. Adetunji Oyebamiji to SweetcrudeReports at the weekend.
According to him, FG has approved payment of the second tranche of N108.52 billion from N384 billion subsidy debts to fuel marketers. The payment was made in promissory notes through the Central bank of Nigeria, CBN.
The N348 billion is the total value of reconciled figure by government and marketers.
With the December 7, 2018, earlier announcement of the payment of N236 billion is the first tranche of the outstanding N348 billion subsidy claims owed members MOMAN, and the Depot and Petroleum Products Marketers Association, DAPPMA, the government has reduced the debts to about N112 billion.
“There is another tranche that is coming. We know it is in promissory note. But it can be more than one year-tenor promissory notes.
“I think with this tranche, we will get to 90% of the total value. The issue of subsidy debts and the government’s promise to pay started in 2015 and now we are talking about six years,” he said.