Oil Marketers Urge FG To Pay Outstanding Subsidy



The Major Oil Marketers Association of Nigeria (MOMAN) has appealed to the Federal Government to pay the outstanding fuel subsidy claims to its members to pay back their bank loans.

The Executive Secretary of the association, Mr Obafemi Olawore, made the plea on Wednesday in Lagos.

Some oil marketers had on June 18 appealed to the Federal Government to pay their outstanding debts of two billion dollars (N720 billion) owed on importation of petrol products and the accrued interests on bank loans.

Olawore said that the immediate payment of the accumulated subsidy claims would salvage the banks from total collapse over the huge debts owed them by marketers.

According to him, the delay in repayment of the loan debts owed the banks by marketers had led to retrenchment in the banking and the oil and gas sectors.

“We (marketers) are afraid that if the money is not paid on time,…

Read More…..PM News