The Major Oil Marketers Association of Nigeria and the Depot and Petroleum Products Marketers Association of Nigeria have decried the delay in the payment of outstanding subsidy debts owed by the Federal Government.
The marketers, on Sunday, appealed to the government to facilitate the payment of the debts by the agencies saddled with the responsibility.
The Senate had in July approved the payment of subsidy claims totalling N348bn to oil marketing companies based on a request by President Muhammadu Buhari.
The Executive Secretary, MOMAN, Mr Clement Isong, appealed to the government to hasten the payment of the subsidy arrears owed to them, saying the continued non-payment had severely impacted their working capital and their ability to pay bank loans and their service providers.
He said, “We appreciate the efforts of the National Assembly and the Federal Executive Council in approving payment but the non-payment has a significantly negative impact on the operational efficiency of the downstream sector of the oil industry, thereby placing a severe strain on players’ efforts to continually invest in infrastructure and raise industry standards. We hope that the debts will be paid in full to the oil marketers as soon as possible.” Read more