Federal Government stakes N52.7 billion to clear petrol bridging debt | The Guardian Nigeria News


To sustain the supply of premium motor spirit (PMS) in the country, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that it has paid over N22 billion as part of the backlog owed to petroleum products transporters in the country.

According to the Authority Chief Executive, NMDPRA, Farouk Ahmed, there are plans to pay another N30 billion this week to the petroleum products’ transporters, saying that the move was to bring respite to cushion the effect of the difficulties faced with economic realities.

The debt to petroleum product marketers had skyrocketed in the past three months following the scrapping of the Petroleum Equalisation Fund Board, whose responsibility to settle the transportation cost of petrol has been assumed by the newly created NMDPRA.

At an interactive session with stakeholders in the oil and gas industry, Ahmed added that the N22 billion paid so far has surpassed the whole of payment made in 2021, adding that the…

Source: Guardian Newspaper