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Kemi Adeosun We've paid oil marketers N48.2bn subsidy arrears - Minister

However, oil marketers that were indebted to FIRS and the seven oil marketers that are indebted to the Asset Management Company (AMCON) were not paid.

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The Minister of Finance, Kemi Adeosun, has disclosed that the Federal Government has fully paid the N48.2 billion outstanding subsidy arrears owed oil marketers in 2015.

As contained in a statement by the ministry’s Director of Information, Salisu Dambatta, in Abuja on Tuesday, May 17, the payment was made recently so that the oil marketers can import petroleum products and to meet up their other financial needs.

“The gross total outstanding subsidy claims accruable to the oil marketers for 2015 stood at N48.2 billion, while deductible tax liabilities payable to the Federal Inland Revenue Service (FIRS) stood at N5.2 billion only,“ the statement said.

According to it, the minister directed the Debt Management Office (DMO) to pay the claims less tax liability of N5.2 billion, which was computed by the Federal Inland Revenue Service (FIRS).

The statement however said that “oil marketers that were indebted to FIRS and the seven oil marketers that are indebted to the Asset Management Company (AMCON) were not paid until they settled their debts with the two agencies.“

READ: FG to revive economy with N350bn, Adeosun

But marketers without tax liabilities were paid in full, it said. While oil marketers with net subsidy claims and FIRS liabilities were paid net claim after deduction of tax liabilities.

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