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

dimeji akinloye

May 18, 2016 2:36 AM

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.

Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016.

The Minister of Finance,

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.“

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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.

dimeji akinloye