Unpaid Subsidy: Oil marketers decries fractional payment of subsidy

By Joseph BAMIDELE

ABUJA: Major Oil Marketer Association of Nigeria, MOMAN has indicated that virtually all its members have been paid subsidy but only a fraction of what they are expecting.
The Executive Secretary of MOMAN, Mr. Obafemi Olawore admitted most members of the association (Conoil, Forte Oil, Mobil, MRS, Oando and Total) have been paid subsidy but below their expectations.
He urged the Federal Government to expedite payment of subsidy as banks interest continues to accumulate, noting that payment received by major oil marketers can’t pay banks interest.
“We have been paid a fraction of what we are expecting, almost everybody have been paid (Major Marketers) but banks interest continues to rise and we need to get back into our importation business,” Obafemi said.
He maintained that no major oil marketers assets will be taken over by bank but tasked government to pay marketers that were not indicted by the Aig Imokhuede committee’s report.
“The Federal Government was waiting for the Imokhuede report, now that the report is out, those that are found wanting should be made to pay while those that are not found wanting should have their subsidy paid to them,” he said.
Nigerian National Petroleum Corporation, NNPC has remained the only importer of fuel since the controversy over the payment of subsidy claims to importers commenced. Oil marketers have refused to import the product because the government has declined to pay some claims which the government described as  spurious.
It was earlier reported that financial institutions in the country have refuse to finance fuel importation due to the refusal of financial institutions to finance fuel importation and the none payment of entitled reimbursement of costs incurred by oil marketers in the importation and delivery of petrol into country has led to persistent fuel scarcity and increase in its price in recent times.
It was also learnt that the Nigerian National Petroleum Corporation had alerted President Goodluck Jonathan to a looming acute fuel shortage  if the Federal Government fails to pay N1.13trn subsidy  owed it (NNPC).
The NNPC top management, led by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and the corporation’s Group Managing Director, Mr. Andrew Yakubu told the President that the Minister of Finance, Mrs. Ngozi Okonjo-Iweala, had failed to pay the debt.
The question, however on the lips of most oil marketers in the country is: Will the N971bn subsidy provision in the 2013 budget be inadequate for Nigerians?

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