Akinfemiwa made the disclosure on Thursday when he appeared before the house of representatives ad hoc committee investigating debts owed to the Petroleum Pipeline Marketing Company (PPMC) by oil marketers.
According to the oil chief, his company owes N5.9 billion to the PPMC but was also being owed N13.8 billion in subsidy claims.
He informed the Abdullahi Mahmud Gaya-led committee that steps were being taken to settle the subsidy arrears by the federal government.
“So far, the government, led by the Chief of Staff to the President invited us to a meeting with other stakeholders to address two issues. One was to continue petrol supply, and two was for Federal Government to pay its debts. For the debts, a committee was set up to settle them.
“The total stands at over N300 billion. Right now, we cannot even do much, but we do not want a situation where there will be queues in the country,” Akinfemiwa said. Click to signup for FREE news updates, latest information and hottest gists everyday
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