Federal Government has paid a total of N500 billion to petroleum marketers thereby leaving a balance of N98 billion as outstanding commitment to fuel importers, the Co-ordinating Minister for Economy and Minister of Finance said on Thursday..
The government paid the last tranche of N156 billion made up of two tranches of the cash-backing of the N100 billion IOU, which the marketers were given in March while the second consists of N56 billion in interest payments.
Okonjo-Iweala said in a statement on Thursday in Abuja that marketers should appreciate the efforts being made by the Federal Government to meet their payments and should therefore reciprocate with some understanding of the situation of Nigerians who should not suffer more.
She urged the marketers to sustain the distribution and supply of fuel to end the suffering of Nigerians at fuel stations.
“The Federal Government has made maximum effort, despite the well-known fact that the fall in oil prices has significantly reduced national revenues, to prioritise payments to marketers. For the sake of Nigerians who are bearing the brunt of fuel scarcity, the marketers should reciprocate in the spirit of dialogue and cooperation in which we have always tried to engage them.
“The N156 billion is the latest in a series of significant payments made to the oil marketers within the last five months. These include over N300 billion in two instalments in December last year and N31 billion in interest differentials recently. In all, oil marketers have received over N500 billion within the past five months,” she said, adding that government had to prioritise payment to marketers despite revenue constraints.
