MOMAN urges Fed Govt to settle N130.7b subsidy debt

Major oil marketers have drawn attention of government to rising interest on subsidy arrears owed to its members and also warned of dire consequences to the current regime which allows the Nigerian National Petroleum Corporation (NNPC) to shoulder responsibilities of importing products.

At a press conference in Lagos yesterday, chairman , Major Oil Marketers Association of Nigeria (MOMAN), Mr.Andrew Gbodume, disclosed that outstanding payments to its members stood at N130.7 billion covering a period of four years. Gbodume said as a result of the debt, marketers had not been able to make further investments apart from not embarking on products importation to augment NNPC’s efforts.

He also noted that the current system which allows the Corporation to hold monopoly of importation was not sustainable and as such, stakeholders should be allowed to proffer solutions and come up with a new sustainable model for the country. The chairman said so far no fresh investment has been made by existing operators because they were cash strapped and some were even battling to pay salaries.

Source: Leadership

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