Subsidy Debt: Oil Marketers Allege FG Owes 300billion Naira

Officials of the oil companies claim that the debt is a criminal act and an attempt to sabotage by major oil marketers in connivance with the Petroleum Products Marketing Company.

In another investigation, members of another Ad-hoc committee investigating allegations that 17 billion Dollars were stolen through undeclared crude oil and the Liquefied Natural Gas exports, have frowned at the absence of the governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele at their hearing.

In November 2015, the Nigerian National Petroleum Corporation (NNPC) said the Federal Government approved the payment of 413 billion Naira to oil marketers as outstanding payment for subsidy claims.

According to the NNPC, the payment would ensure that there would be no scarcity of the product.

“It is our belief that with the outstanding payment due to Oil Marketers now assured, the marketers and other downstream players will join hands with the NNPC to guarantee that the nation remains wet with petroleum products all year round,” the Corporation said in a statement by the Group General Manager, Group Public Affairs Division, Mr Ohi Alegbe.

Source: Channelstv