Presidency Orders Finance Minister to Pay Petroleum Marketers N150bn Debt

The federal government yesterday ordered the immediate payment of the N150billion Petroleum Equalisation Fund owed petroleum marketers in the country.

The order was reportedly given at a meeting between the Chief of Staff to the President, Abba Kyari, and key players in the downstream sector.

The order, sources said, would help to avert fuel scarcity which had become imminent in view of the debt owed marketers.

The N150 billion is said to be the bridging cost for the delivery of petroleum products across the country.

Speaking after a closed-door meeting which lasted for about two hours, the National Secretary of Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, told select journalists that after government had approved that payment should commence immediately.

He said: “The meeting had nothing to do with increase in petroleum pump prices. We looked into the issue of diesel and kerosene and as a matter of fact government is tackling the issues

“The other issue is the issue of franchise which is the petroleum equalisation fund which marketers are owed petroleum equalisation to the tune of about 150 billion and now the issue has been resolved, the government has directed that our monies must be paid and I am assuring you that with the payment of this money there is no cause for alarm.”

“We are assuring our marketers that they should go back to their normal business as their outstanding will be paid in some few days.”

He added that tomorrow the stakeholders would also meet with financial authorities and then the payment will commence hopefully before the week runs out.

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