Fuel scarcity looms over N256.2bn debt

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.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

COVID-19: Nigeria to receive 40m doses of vaccines by end of 2021 – Minister

FG meeting with ASUU successful – Ngige

Plateau killings: 17 dead, 85 buildings burnt – Police

COVID-19: Nigeria registers 11 additional deaths in 24 hours, 444 new infections

Strike: We get N5,000 hazard allowance while lawmakers receive 1.2m - Doctors

'Only candidates who got nomination forms for Osun APC ward congress were declared winners'

'36 federal universities are enough,' Lawmaker wants fewer universities in Nigeria

Gambari decorates newly promoted Police Officers at Presidential Villa

Lagos records 6 COVID-19 deaths daily in 1 week