14 March 2014

Nigeria: Fuel Scarcity - FG Pays N41 Billion to 27 Oil Marketers

The federal government said yesterday it has paid N41.07 billion to 27 oil marketers whose claims have successfully gone through the verification process.

A statement from the ministry of finance signed by the special adviser to the coordinating minister for the economy and minister of finance, Paul Nwabuikwu, noted that the information was provided in continuation of the ministry's focus on transparency and accountability in the management of the subsidy regime.

This is the first time the federal government is paying marketers this year.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) had revealed that the fuel scarcity being experienced in the country was due to the federal government's refusal to pay its members for imported products since third quarter 2013, forcing them to stop further importation.

According to the ministry, the 27 oil marketers who benefitted from the payment included A-Z Petroleum Products Limited, Acorn Petroleum Plc, Aiteo Energy Resource Limited, Ascon Oil Gas Company Limited, Avidor Oil & Gas Company, Conoil Plc, Dee Jones Petroleum & Gas Ltd, Dozzy Oil And Gas Limited, Folawiyo Energy Ltd, Gulf Treasures Limited, Hudson Petroleum Limited, Hyde Energy (Nig) Limited and Ibafon Oil Ltd.

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