FG pays oil marketers N407bn to end fuel scarcity

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The Federal Government has paid N407, 076,805,386.30 subsidy claims to oil marketers to end the lingering fuel crisis.

A statement from the federal ministry of finance signed by Mr. Marshall Gundu, Director, Press of the ministry said the Minister of finance Mrs. Kemi Adeosun has confirmed the payment to the oil marketers.

Adeosun noted that President Muhammadu Buhari had directed that the payments should be “made immediately in order to bring to a quick end the lingering fuel crisis which has caused great suffering to Nigerian families and businesses.”

The minister of finance also said that “despite dwindling revenues, the government is committed to ensuring continuous availability of fuel to Nigerians.”

Wednesday’s payments to oil marketers she said “include arrears from the 2014 financial year as well as payments for the current year.”

With this payment, the federal government she said expects the recipients to “ensure adequate supply of fuel to end the persistent fuel shortage in the nation.”

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By making this payment to oil marketers, the federal government said it has shown its full commitment “to meeting its financial obligations in respect of fuel subsidy.”

The Minister further implored the major oil marketers to reciprocate government’s action by doing all they can to bring the fuel scarcity to an end.

The statement said details of the approved payments under the subsidy scheme will be published in the national dailies as has been the practice.

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