FG Agree To Pay N407b To Oil Importers


The finance ministry said the Federal government has agreed to pay the sum of 407 billion naira ($2.1 billion) owed to fuel importers and marketers under a subsidy scheme.

The spokesman for the ministry, Marshall Gundu said the Finance Minister Kemi Adeosun has approved the payment of 407 billion naira for “subsidy claims to oil marketers.

“The president has directed that payments be made immediately in order to bring to a quick end the lingering fuel crisis,” said Gundu.

The President, has kept the petroleum portfolio for himself, who didn’t want to phase out the costly and fraud-ridden subsidy scheme for now, putting him at variance with members of his own ruling party, the All Progressives Congress, and his minister of state for oil.