Nigerians should brace up for another fuel scarcity as marketers have warned of imminent acute scarcity over N350billion debt being owed by the Federal Government.
Speaking with journalists yesterday in Lagos, the Executive Secretary, Major Oil Marketers Association of Nigeria, MOMAN, Mr. Femi Olawore, said that the next five days are very crucial to marketers to continue to import and distribute petroleum products across the country.
According to him, “they are owing us and they should pay. We are doing business on behalf on the Federal Government and if they didn’t ask us to sell with subsidy, all these problems wouldn’t have emerged.
“At this point, majority of the banks are not helpful. All post-dated Sovereign Debt Notes, SDN, issued by the Finance Ministry were not honoured by the banks; they claimed they cannot deal with post-dated financial instruments.”
Olawore hinted that since the marketers (MOMAN and Depot and Petroleum Products Marketing Association, DAPPMA) are using their shareholders’ fund to import fuel and the fund has become huge debt, there are concerns among shareholders with respect to whether or not the debt will not go bad.
MOMAN had in a letter addressed to the Minister of Finance, Dr. Ngozi Okonjo-Iweala, stated that despite previous assurances from the government to reimburse the marketers for under recovery as verified by the Petroleum Products Pricing Regulatory Agency, PPPRA, it had failed to honour the agreement.
The association said the industry to date, had only received approximately N30billion in foreign exchange differential claims out of the N100billion owed.


Ad:See How you can turn $500 into $10,000 Click HERE For Details.
SHARE