Independent oil marketers have raised the alarm that any devaluation of the naira by the federal government before offsetting their foreign exchange differentials may not augur well for the downstream oil industry.
Addressing the Minister of Finance in Abuja on Friday, members of the Depot and Petroleum Products Marketers Association (DAPPMA), led by Prince Dapo Abiodun, said they were worried that if anything happens to the naira, they may not be able to bid for forex (foreign exchange) and as such may not be able to liquidate their forex liabilities with their foreign bankers.
Dapo Abiodun said bankers had made it practically impossible to import fuel during the Goodluck Jonathan administration transition to the Buhari administration but expressed appreciation that the Buhari administration released some payments shortly after it came to power.
Abiodun said oil marketers were bidding to liquidate foreign exchange liabilities to their foreign bankers and lamented that many of the naira denominated liabilities were sitting idle because of the unavailability of forex.
The oil marketers thanked the federal government for the recent release of N42.6 billion payment made last week. But they were quick to remind the finance minister that they had not received the money yet.
Responding, the Minister of Finance, Mrs Kemi Adeosun, said government was determined to do what is needed to resolve all issues surrounding availability of petroleum products in the country.
Adeosun noted that her ministry has changed the payment process with a director supervising the exercise so that oil marketers can track their payments.
The minister lamented that liabilities to oil marketers was one of the many liabilities this administration inherited from the past government. But she assured the oil marketers that government does not want to run up any more forex differentials. Click to signup for FREE news updates, latest information and hottest gists everyday
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This oil cabals think Nigeria belongs to them alone abi
ReplyDeletethey have been made rich since PDP administration in the country not only GEJ time.
ReplyDeletePDP did much bad to the country than good