Nigeria: Oil Marketers - Govt Owes U.S.$1 Billion

14 May 2015

The signs that the worsening fuel scarcity may last longer than expected came clear Wednesday when Major Oil Marketers Association of Nigeria (MOMAN), importers and storage companies said the federal government was yet owing them more than N200 billion ($1 billion) in subsidy payments.

The members of MOMAN, which include Total SA, Oando Plc, Forte Oil Plc and Exxon Mobil Corp's local unit, are owed about 40 per cent of that amount as at the end of March, with more costs incurred since then, the executive secretary, MOMAN, Thomas Olawore, told Bloomberg.

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