Fuel scarcity looms over N256.2bn debt

monjola sotubo

April 27, 2015 1:22 PM

The Major Marketers Association of Nigeria (MOMAN) has threatened to stop importation of fuel if the debt is not paid.

A fuel queue in a Nigerian petrol station

Nigeria might be heading for another fuel scarcity due to the Federal Government’s inability to pay a N256.2 billion debt owed to the Major Marketers Association of Nigeria (MOMAN).

The association has therefore threatened to stop importation of fuel if the debt is not paid.

This was disclosed by the Executive Secretary of MOMAN, Mr. Obafemi Olawore, during a press briefing in Lagos.

“MOMAN is finding it difficult to continue its operations. The debts are rising. MOMAN is fed up with stock today, no product tomorrow. Soon we may have to rely on NNPC for supplies. This could be a problem because NNPC has issues with its suppliers over debt also,” Olawore said.

“The industry is bleeding. Our suppliers are at our neck. As at April 22, what we have in our Apapa depots will only last for three and half days, which shows that our members are finding it difficult to bring in products. Presently, we are being owed N256.2 billion,” he added.

Olawore stated further that banks in the country were not helping matters as they had refused to honour the post-dated Sovereign Debt Note (SDN) with which the government paid marketers a previous subsidy claim of N100 billion.

monjola sotubo