The Petroleum Equalisation Fund (Management) Board has settled all outstanding allowances, totaling N17.4 billion, owed 12,000 marketers for transporting petroleum products, an official said.

The Board's Head of Government and Public Relations, Mr. Goddy Nnadi, made the disclosure on Monday in Abuja in an interview with the News Agency of Nigeria (NAN).

He said that the payment, which commenced before the Sallah and Christmas holidays, was completed with the clearance of all outstanding claims by the marketers through the board's e-banking operations.

"Not less than 12,000 petroleum products marketers nationwide received their national transportation allowances and bridging claims within this payment period.

"Even when we are on vacation, the fund made sure all outstanding marketers" claims were cleared so that there would be no disruption in the supply of products nationwide during the last Sallah, yuletide or in the New Year," Nnadi said.

He said that the Federal Government had released in full the N17.4 billion owed the marketers, most of whom were independent marketers, adding that of the amount, the major marketers received N8 billion.

Nnadi said that the board"s response to the marketers" plight in support of government"s determination to ensure steady availability of products" supply at the right price.

He also said that the board spent part of its internally generated revenue in the settlement of the claims.