THE Federal Government has directed the Debt Management Office (DMO) to commence payment of fuel subsidy expenditures incurred by marketers whose claims had been verified by supporting Sovereign Debt Notes issued by Petroleum Products Pricing and Regulatory Agency.
A statement signed by Senior Special Assistant (Media), Paul Nwabuikwu to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the order was issued to reinforce the Federal Government's determination to ensure that there is no disruption in fuel supplies across the country.
Okonjo-Iweala said following the report of the Presidential Committee headed by Mr. Aigboje Aig-Imoukhuede, it was clear that some marketers also owed government significant sums of money which will be paid.
The minister said in view of the assurance of funds to meet marketers' claims there was no reason for marketers or other stakeholders to go on strike because government is addressing subsidy payment issues in a structured way that will continue to protect the interests of the country and those of genuine marketers.
It will be recalled that payments based on verified claims resumed after the June meeting of the Federation Accounts Allocations Committee (FAAC) when payments totaling N17 billion were made.
To prevent over payments, verification of claims is a cornerstone of the procedures adopted by the Federal Ministry of Finance for managing fuel subsidy payments.
The oil marketers have over the past few weeks been threatening to suspend fuel imports if government refused to pay some of their outstanding fuel subsidy claims, stressing that the high cost of bank credit was eating up their profit margins. Click to signup for FREE news updates, latest information and hottest gists everyday
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I hope Govt is not scare of strike???
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