Oil marketers angry with Federal Government over unpaid N470b

chika ebuzor

November 4, 2015 4:57 AM

Even if they paid all the N470 billion, it will still not be enough to pay off our foreign suppliers because the dollar value of what we require to offset matured debts is over $2 billion.

Reports say oil marketers are not happy, because the Federal Government has not fulfilled their promise of offsetting their outstanding October and November claims.

An oil market who spoke to Punch Newspapers said “We had another meeting with the Vice President (Yemi Osinbajo) two weeks ago and he promised that they would pay us. Right now I can tell you that no marketer has any money or line of credit to import even one litre of fuel.

“The last time any marketer was paid claims was July 31, 2014. Since August 1, 2014, no marketer has received anything. The total outstanding claims between August 1 and now are about N470 billion.”

The marketer also said “Even if they paid all the N470 billion, it will still not be enough to pay off our foreign suppliers because the dollar value of what we require to offset matured debts is over $2 billion. The CBN Governor promised to help us, but nothing has happened.”

Punch Newspapers also reports that the Central Bank of Nigeria (CBN) has also not fulfilled its promise to help the oil marketers, get foreign currency (dollars), to pay their foreign suppliers.

chika ebuzor