FG to Pay Marketers N156bn Subsidy Today

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The Federal Government said it had concluded arrangements to pay the petroleum marketers the sum of N156 billion from Thursday, as part of its effort to put an end to the long queues at petrol stations.

Co-ordinating Minister of the Economy and Finance Minister, Dr Ngozi Okonjo-Iweala, who spoke with reporters in Abuja, said that all outstanding payments to the marketers would be resolved as well.

“We’ve paid N350 billion in December; we paid them N31 billion inforeign exchange differentials and, by tomorrow (Thursday), we will bepaying them N100 billion, for which we had earlier given them IOUs foras well as their interest rate differentials of N56 billion,” Okonjo-Iweala said.

She appealed to the marketers to bear with the Federal Government, asit tries to prioritise its policies in the face of dwindling revenues.

She further noted that the government had, in December 2014, paid the sum of N350 billion to oil marketers, noting that anadditional N31 billion in foreign exchange differentials had alreadybeen released.

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