First Word on SB

First Word on SB

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FW: Oil marketers issue ultimatum to the Federal Government, demand payment of outstanding debt

Aisha-Nana Salaudeen

Aisha-Nana Salaudeen

Aisha is trying to figure out how to tell as many impact stories as possible in different forms.

This article is part of our #FirstWord series to provide context on trending news.

The Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Product Marketers Association (DAPPMA) and the Independent Petroleum Products Importers (IPPIs) on Sunday, December 2nd called on the Federal Government to settle its outstanding debts of over ₦800 billion.

According to them, failure to meet the 7 day deadline will force its members to stop fuel depot operations across the country.

Patrick Etim, IPPI’s legal adviser told news agencies that marketers are unable to pay salaries to their workers because of the large subsidy debts owed by the government.

“The only way to salvage the situation is for government to pay the oil marketers the outstanding debts through cash option instead of promissory note being proposed. As I speak, nothing has been done several months after assurances received by government saying it would pay off the outstanding debts.”

“The oil marketers have requested that forex differential and interest component of government’s indebtedness to marketers be calculated up to December 2018 and be paid within next seven days from the date of the letter sent to the government,’’ - Patrick Etim

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