FG Agree To Pay N407b To Oil Importers

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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.

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“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.

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