FG orders immediate payment of N150bn to oil marketers

The Federal Government has ordered the immediate payment of N150 billion to oil marketers across the country.

The money is meant for the bridging cost for fuel products' delivery nationwide.

President Muhammadu Buhari's Chief of Staff Abba Kyari gave the order in Abuja on Wednesday, January 25, during a two-hour closed-door meeting held with stakeholders in the sector at the Aso Rock Presidential Villa.

Speaking to newsmen after the meeting, the national secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, dismissed insinuations that the meeting was about increase in petroleum pump prices.

He said: "We looked into the issue of diesel and kerosene  and as a matter of fact government is tackling the issues. The other issue is the issue of franchise which is the petroleum equalisation fund which marketers are owed to the tune of about 150 billion and now the issue has been resolved. The government has directed that our monies must be paid and I'm assuring you that with the payment of this money, there is no cause for alarm.

"We're assuring our marketers that they should go back to their normal business as their outstanding will be paid in some few days."

According to him, there is no plan for any fuel price increase adding that after the payment, some filling stations would sell at N140/litre.

Also in attendance at the meeting were the Minister of Finance, Kemi Adeosun; the Minister of State for Aviation, Hadi Sirika; Group Managing Director of the Nigerian National Petroleum Corporation, Kachalla Maikanti; representatives of the Independent and Major Oil Marketers Associations as well as heads of the Petroleum Product Pricing Regulatory Agency and the Petroleum Pipelines and Products Marketing Company.