DMO, oil marketers to meet over subsidy arrears payments

The Debt Management Office (DMO) and major oil marketers are to meet this week over subsidy arrears.
The meeting, which is at the instance of the DMO is designed to provide an opportunity for the debt management agency to explain the process for the issuance of promissory notes to settle outstanding arrears due to the marketers as well as provide a ‘Status Report.’

The Senate Committee on Petroleum (Downstream) had in its October 31, 2018 resolution directed the Ministry of Finance and the Debt Management Office (DMO) to meet with oil marketers and other stakeholders on grey areas and report back within one week.

The DMO, in a statement Monday said it had invited the marketers for a meeting this week on the arrears.
It recalled that the Federal Executive Council (FEC) approved the establishment of the Promissory Note Programme and Bond Issuance to settle inherited local debts and contractual obligations due to various categories of creditors, including oil marketers in July 2017.

The marketers, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA), had on Sunday appealed to the federal government to effect quick payment of their outstanding N800 billion subsidy debts.

Source: THIS DAY

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...