Subsidy: FG pays N41bn to 27 oil marketers

Finance Minister, Okonjo-Iweala

The Federal Government on Thursday released the sum of N41.074bn as fuel subsidy payment to 27 oil marketers.

A statement issued by the Special Adviser on Communications to the Minister of Finance, Mr. Paul Nwabuikwu, confirmed the payment.

The statement said the claims of the marketers had been successfully verified before the payments were made.

It noted that the ministry would continue to ensure transparency and accountability in the management of the fuel subsidy regime.

According to the statement, some of the marketers that benefitted from the payment are A-Z Petroleum Products Limited, Acorn Petroleum Plc, Aiteo Energy Resource Limited, Ascon Oil and Gas Company Limited and Avidor Oil and Gas Company.

Others are Conoil Plc, Dee Jones Petroleum and Gas Limited, Dozzy Oil and Gas Limited, Folawiyo Energy Limited, Gulf Treasures Limited, Hudson Petroleum Limited, Hyde Energy Nigeria Limited, Ibafon Oil Limited and Masters Energy Oil and Gas Limited.

The other beneficiaries are Matrix Energy Limited, Mobil Oil Nigeria Plc, MRS Oil and Gas Company Limited, Nepal Oil and Gas Limited, NIPCO Plc, NorthWest Petroleum and Gas Limited, Oando Plc, Obat Oil and Gas, Rainoil Limited, Shorelink Oil and Gas Limited, Techno Oil Limited, Tempogate Oil and Energy Limited and Total Nigeria Plc.

The Independent Petroleum Marketers Association of Nigeria had on Tuesday alleged that the shortage of fuel supply across the country was as a result of the Federal Government’s inability to clear the outstanding subsidy claims owed its members.

According to IPMAN, over six months’ subsidy arrears had not been paid.

It added that the prevailing shortage of fuel supply across the country might linger as the marketers could no longer import petroleum products unless the major part of the arrears was cleared.

The association’s National President, Mr. Aminu Abdulkardir, explained that with the present situation, Nigeria currently relied on only the 450,000 barrels of crude allocated to the Nigerian National Petroleum Corporation.

This, he said, amounted to 50 per cent of the country’s consumption per quarter for its fuel supply needs.

Abdulkardir noted that Nigerians would have to go through the difficulties of fuel scarcity this time due to non-payment of accumulated fuel subsidy claims owed marketers in the past nine months.