Sunday, May 03, 2015

Fuel Scarcity: Don’t hold Nigeria to ransom, FG warns oil marketers

The Federal Government on Sunday called on oil marketers to be patriotic in their decisions by considering the interest of Nigerians who always bear the brunt of their actions, noting that they should not by their actions hold the country to ransom.

The Minister of Finance, Dr Ngozi Okonjo-Iweala, while speaking with journalists in Abuja said contrary to claims by the marketers that they were being owed about N200bn after being paid N156bn last week, what is being owed them is about N131bn.
The marketers had claimed that the government’s indebtedness to them for oil subsidy was about N354,4bn.
Confirming the figure, the Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Thomas Olawore, had said, “The government had paid N154.2bn out of N354.4bn and we are left with a balance of N200.2bn.
“What happens to the N200.2bn? That is why we requested that the government invites us so that we can be told how it intends to liquidate the remaining N200.2bn.”
But the minister said this figure could not be correct, noting that the balance that is left based on Petroleum Pricing Products Regulatory Agency’s template is about N131bn.
She likened the oil marketers to a small cartel that are into a no risk business based on template negotiated with PPPRA long time ago which factored in exchange rate differential, and profit margin guarantee.
This situation, she said, leaves them with absolutely no risk.
She said. “It has become a situation where we have a cartel that can ground the nation to a halt at will. I strongly suggest that the nation has to do something about it.
The way these people are tossing we the masses and making majority suffer is just not right... the thing is that in as much as there is fuel scarcity, you can never see anyone of them queueing up for fuel... They should continue and never forget that DiarisGod...hehe


  1. This one is serious ransom

    It's crazy menh and trust commuters na, na to increase tfare drastically

  2. This fuel scarcity is becoming something else, may God see us thru.