Skip to main content

Oil marketers warn Nigerian govt over unpaid N650bn subsidy arrears

Oil marketers on Thursday appealed to the Federal Government to hasten payment of over N650 billion subsidy arrears to save their assets from being taken over by banks

The marketers, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), made the call in separate interviews with the News Agency of Nigeria (NAN) in Lagos.

Members of the association include Independent Petroleum Marketers Association of Nigeria (IPMAN); Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs).

The Executive Secretary of DAPPMA, Mr. Olufemi Adewole, urged the government to lessen the bureaucratic process involved in the payment process.

Adewole said that 60 per cent of marketers had been forced out of business, as banks had taken over their depots, assets and properties due to their inability to pay back monies borrowed.

He added that many marketers were forced out of business, while others are presently struggling to survive due to the unpaid subsidy arrears.

'It has had very adverse effects on our operations. I am aware of two depots that have been forcibly taken over by banks because they got injunctions from the courts.

“They did so the moment they heard that National Assembly has approved payment to marketers. Unfortunately, as at today, Sept. 27, the money is yet to get into our accounts.

“Another challenge we have is that many of the marketers had to lay off more than 90 per cent of their staff because of financial challenges.

“Although, few of them are still operating, but not in good number with just about three to four staffs,” he said.

Similarly, the Chairman of South-West Chapel of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Mr Tayo Aboyeji, told NAN that loading activities had been bad at most private depot.

“Government should find a way to pay the marketers and deregulate the sector to allow more players into the industry.

“When the downstream is fully deregulated, more marketers will engage in importation and it will help tanker drivers in their businesses because of the financial challenges,’’ he said.

However, he regretted that the government, as against paying part of the money in promissory note and cash, may pay only in promissory note.

Adewole frowned at the prospect of having to go back and discount the promissory note in the bank.

“This means we are losing, because the money had been delayed and this adds up the interest to be charged on our accounts.

“Although, what was approved to be paid is not the actual amount the government owes us.

“The interest came about as a result of devaluation of naira from N197 to N285 to a dollar,” he said.

Comments

Post a Comment

Popular posts from this blog

Vulvar Care Tips

Vulva Care Maintaining a healthy vulva and vagina will help prevent infections and discomfort. Unusual changes in vaginal discharge is a sign that there might be an issue. Why is vulvar and vagina care important? Many women experience uncomfortable, vaginal infections (vaginitis) at one time or another. The area around the entrance to the vagina (vulva) can also become irritated. Steps can be taken to relieve and prevent vulvar discomfort and vaginal infections. Not all vaginal infections are alike and home treatments can worsen some types. If you have any concerns about your vulvar or vaginal health, or notice unusual changes in vaginal discharge, contact your healthcare provider if the problem persists. What is the vulva? The vulva is the area of female sex organs that lies outside of the vagina. These organs include folds of sensitive tissue called the labia (labia means "lips"). The labia has two parts. The outermost folds are called the labia majora. A secon...
Post a Comment
Read more

Oil prices rise amidst uncertainty over Libyan crude exports

Oil prices rose, Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output loom. Brent sweet crude futures, the international benchmark for oil prices, were at 74.95 dollars per barrel at 01.04 GMT, up 22 cents, or 0.3 per cent from their last close. The United States West Texas Intermediate (WTI) crude futures were at 68.33 dollars a barrel, up 25 cents, or 0.4 per cent. Traders said prices were mostly driven higher by uncertainty around oil exports by Libya, a member of the Organisation of the Petroleum Exporting Countries (OPEC). Eastern Libyan commander, Khalifa Haftar’s forces have handed control of oil ports to a separate National Oil Corporation (NOC) based in the East of the country. The official state-owned oil company based in the capital Tripoli, also called NOC, will not be allowed to handle that oil anymore, he said. In comments later confirmed to the media, Ahmed Mismari, spokesman of Haftar’s Libya National Army...
Post a Comment
Read more

Chechnya leader makes Mo Salah honorary citizen

Chechnya leader Ramzan Kadyrov has made Egypt’s talismanic striker Mohamed Salah an honorary citizen of the southern Russian region at a farewell banquet held for the eliminated World Cup side. Rights groups and Western governments allege that authorities in Chechnya repress their political opponents, discriminate against women and persecute sexual minorities, all allegations that Chechnya’s leaders deny. Chechnya has been hosting the Egyptian team’s World Cup training camp and Kremlin-backed Kadyrov has seized on opportunities to appear alongside Salah. Sarah’s goalscoring exploits for Liverpool and Egypt have made him an international superstar. “Mohamed Salah is an honorary citizen of the Chechen Republic. “Yes, that’s right! Tonight I signed a decree conferring this high award on the great footballer and member of the Egypt and Liverpool teams,” Kadyrov wrote on Telegram. Salah was presented with a badge and a copy of the decree at the dinner, Kadyrov said. The Egy...
Post a Comment
Read more