Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG - Politics (2) - Nairaland
Nairaland Forum / Nairaland / General / Politics / Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG (6586 Views)
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| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by Passovile: 7:30am On Dec 09, 2018 |
There are many other things he said. May God help us. U choose APC, they can't fulfill their promises, u choose PDP, they squander. 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by sluk(m): 7:31am On Dec 09, 2018 |
But Buhari said there's nothing like subsidy. Now what is he paying for? And why are we still buying fuel for 145naira? 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by Nobody: 7:32am On Dec 09, 2018 |
Useless APC. They said that no need of paying subsidy by GEJ. They came and increased pump price. Little do we know that they have been paying it secretly. God will judge evil leaders we have in this country. 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 7:32am On Dec 09, 2018 |
Enigmaticprof: Because the solution is to stick to the 2009 ASUU fg agreement which means we find 3trillion naira out of budget of 9trillion for just university education. You see the problem. 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 7:38am On Dec 09, 2018 |
sluk: 1.The money being paid is the left.over debt fr9m GEJ.admin(that is why GEJ wanted to remove subsidies in 2012 but Nigerians and the opposition won't let him) 2.In 2015, landing cost of fuel was 132 naira. We were selling fuel for 87 naira. Scarcity resulted because marketers.were.selling fuel at a big loss of 50 naira per liter. So Bubu did partial removal of subsidy 3.Now fuel ianding cost is 180.naira We sell fuel at N143 to N145. NNPC is now the sole importer of fuel.. So, it subsides fuel on behalf of the country by doing dubious accounting. 4.Bubu nor. Atiku won't remove subsidy because in practice it means fuel sells at 250 and above. Not good for political business |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by unite4real: 7:40am On Dec 09, 2018 |
sotall: This was old debt inherited 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 7:41am On Dec 09, 2018 |
socialmediaman: If subsidy ended, govt won't be setting the price of fuel, and we would be buying fuel at 250 naira. Per liter. Anyways the subsidy claims are.mostly from the last.administration, (GEJ and Okonjo iweala saw this problem.arising which is why they raised price to140 in 2012, but Nigerians said no) |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by goaldynboy: 7:43am On Dec 09, 2018 |
theoldpretender: ionsman: 1. You should quit smoking crack! 2. Only you understands this gibberish you wrote there! 3. A zombie must defend his master, no matter how insane he sounds in order to justify his 30k pay! 4. You are stupendously shameless to have the gut to defend Jubril and his gang of economic rapists on this subsidy scam!! 5. Don't even attempt to bring Jonathan into this glaring subsidy scam! Because all the subsidy in question accrued during Buhari's tenure! Buhari has been secretly paying fuel subsidy until it was leaked! Not only was he secretly paying subsidy, Buhari is paying times ten of what Jonathan paid during his time! Buhari is full of CORRUPTION!! 2 Likes 1 Share
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| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by Zansu007: 7:44am On Dec 09, 2018 |
Zombie grade A ionsman: |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 7:45am On Dec 09, 2018 |
goaldynboy: Good morning. Do have a good day. I will add that if we had removed subsidy completely in 2012, and borne the pain of paying more for fuel, we would probably not be in this mess.. Good morning. This is a internet forum, not real life. I don't back Buhari or GEJ. I do back govt removing subsidy so that all the scams.and scarcity stop and so that we can have investment that would lead to.new refineries even.. Thank you and good bye |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by sotall(m): 7:50am On Dec 09, 2018 |
unite4real: Last time I checked the landing cost of petrol to Nigerian shores through the NNPC was higher than 145 naira . Who pays the difference between the landing cost and 145 naira... That's the subsidy |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by 1shortblackboy: 7:54am On Dec 09, 2018 |
ionsman:oga how do u know these were debts incurred by jonathan's administration? no insult me abeg I get headache just answer me |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 7:54am On Dec 09, 2018 |
ionsman: In 2012, GEJ removed subsidies partially, and increased fuel from 65 to 140 naira partly because this problem was anticipated.. Nigerians said no, protested, GEJ was forced to reduce prices to 87 naira, and thus we ended.up in this situation. Whereas if subsidies had been removed completely, yes fuel prices would have increased, but govt won't have been wasting money on Subsidy claims and subsidy scams. That is why Buhari has to remove subsidy. Because even when Dangote refinery comes on stream, I cannot see him selling fuel to. Marketers less than N160 per liter. So tell your guys in APC to remove subsidy and.and end the mess in NNPC once and for all 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by Nobody: 7:56am On Dec 09, 2018 |
ionsman: See how useless you are! 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 7:57am On Dec 09, 2018 |
sotall: Landing cost is 180 naira. NNPC imports fuel and sells it to marketers at 145... and does.some esoteric accounting to account for the difference. Buhari could end all of this by removing subsidy completely, allowing marketers to sell fuel at the price they want, saving government trillions in the process 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by FantasticJ: 7:57am On Dec 09, 2018 |
sotall: As much as your claim is correct, this is a commendable effort to stop the oil marketers from frustrating life out of the populace. Kudos to the government on this. 2 Likes |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by emmie14: 7:59am On Dec 09, 2018 |
lonelydora:100litres for kekenapepe? |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by sotall(m): 7:59am On Dec 09, 2018 |
theoldpretender:But you claimed in your other post that subsidy claims are only from the last administration. God will deliver Nigeria from wicked leaders |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by musa234(m): 8:03am On Dec 09, 2018 |
theoldpretender:You keep contradicting yourself Mr man.Stop justifying nonsense. |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 8:05am On Dec 09, 2018 |
1shortblackboy: Vanguard News Nigeria N800bn subsidy debts: Pay marketers within 2 weeks, Senate tells FG adekunle adekunle 2 days ago By Henry Umoru & Michael Eboh •We’ve reached agreement with them — FG •DAPPMA, MOMAN suspend strike threat ABUJA — The Federal Government, yesterday, said it has reached an agreement with petroleum marketers on the settlement of outstanding fuel subsidy claims of over N800 billion. The development came as the Senate yesterday asked the Federal Government to pay outstanding fuel subsidy arrears to oil marketers within the next two weeks. Special Assistant on Media and Communications to the Minister of Finance, Mr. Paul Abechi, who disclosed news of the agreement in a statement yesterday, also stated that the petroleum marketers assured the public of availability of petroleum products, while operations at all depots and sales would continue until further notice. He disclosed that the Federal Government had noted the concerns of the petroleum marketers, adding that government is currently undertaking a review of the initial mode of settlement agreed upon by both parties. Abechi further stated that the marketers expressed satisfaction with the new arrangement being made by the Federal Government to settle their claims, He quoted the petroleum marketers as saying: “The Depot and Petroleum Products Marketers Association, DAPPMA, Major Oil Marketers Association of Nigeria, MOMAN, and Independent Petroleum Marketers Association of Nigeria, IPMAN, with the Federal Government delegation meeting held at the Federal Ministry Finance in Abuja on Thursday, December 6, 2018, agreed that operations at all depots and sales will continue until further notice. “After the meeting with senior government officials from the Federal Ministry of Finance, the Debt Management Office, the Nigerian National Petroleum Corporation, the Central Bank of Nigeria, the Budget Office of the Federation, the Office of the Accountant-General of the Federation and the Petroleum Products Pricing Regulatory Agency, we are satisfied with the arrangements being made by the government to settle the claims of petroleum marketers. “The discussions showed that the government has considered the concerns and is reviewing the initial process approved for the settlement. We consider that this shows government’s responsiveness to the need for the claims to be settled in a timely manner. “We, hereby, wish to reassure members of the public on the availability of PMS. We urge the public not to panic, as there will be no fuel scarcity. The engagement of the two sides will continue on Monday, December 10, 2018.” FG should pay within 2 weeks — Senate Meanwhile, the Senate has asked the Federal government to pay outstanding fuel subsidy arrears to oil marketers within the next two weeks. The resolution is the latest move to avert a looming strike by the marketers who issued a seven-day ultimatum on Sunday. In a motion yesterday, chairman, Senate Committee on Downstream, Kabiru Marafa, said there is an urgent need to avert looming crisis in fuel supply due to non-payment of accrued subsidy arrears to oil marketers. Marafa said: “The Senate is aware that the Federal Government owed oil marketers subsidy arrears accruing from 2006 which led to the request by the President to the National Assembly for approval of the establishment of a Promissory Note Programme and bond issuance to settle inherited local debt and contractual obligations of which the subsidy arrears fall within. “The Senate also notes that the debt have forced some marketers out of market while most of the marketers are currently being subjected to marinal injunctions. INEC won’t escape with rigging 2019 elections – Secondus “The Senate recalls that the National Assembly processed and passed the President’s request on Wednesday 18, and Tuesday 24 July 2018 respectively. DMO’s measures wrong, says Senate “The Senate observes that after the passage of the executive request by the National Assembly, the Debt Management Office introduced very stringent measures for issuance of the promissory notes to include but not limited to; document reviewed by an international accounting firm, bonds to be issued in phases on the basis of discount with 10 years duration that is not interest-bearing without a fixed date for the issuance and reverse option for issuance of the note. “The Senate also observes that the procedure of document review by an international accounting firm after it was authenticated by the Presidential Initiative for Continuous Audit approved by FEC and passed by NASS is a wrong process,” he read, from a prepared motion. He noted that subjecting the payment to another set of rules after the presidential and National Assembly consent amounted to a “deliberate attempt to sabotage the government’s effort.” He said the stringent rules of the DMO forced marketers to object to the processes and resorted to giving ultimatum to pay and revert to agreement made at a meeting with the Vice President, Yemi Osinbajo, in June 2017. According to him, the debt profile has continued to increase due to forex differentials and interest rates accrued. ‘‘As we are speaking today, the debt profile, according to the marketer, is nearing one trillion naira. Unless this matter is looked into seriously, the debt profile will keep rising,’’ Marafa said. The lawmaker noted that the strike, if hatched, might lead to artificial fuel scarcity, which may span through the election period. In his contribution, Senate leader, Ahmed Lawan, blamed the situation on previous government, alleging that those laying claims to the subsidy were allies of the previous government. DMO summons oil marketers over outstanding debts He said: “The N429 billion approved by FEC and endorsed by the National Assembly, we know where the money is going to. We know those who helped…We know there are people who helped the previous government but we never cared. Our concern is the ordinary people.” On his part, Senator Yahaya Abdulahi alleged that those within the present government were the ones sabotaging it. “I thought the money would have been paid since July but for the issue to come here again, it means …whoever is behind the non-payment does not mean well for this country.” His position was corroborated by Barnabas Gemade who posited that the issue had gone beyond National Assembly input. “A matter that has passed the required procedure and the only remaining duty is that of implementation and all agencies responsible for that are under the executive and we come here to do what is not our responsibility, worrying on who has not implemented. “Is it the DMO that is stopping the payment, or the Central Bank or Ministry of Finance? All those do not answer to the National Assembly. I do not see why we should come here to urge the executive to do its work,’’ he said. Senate makes 4 resolutions After a long deliberation which centred mostly on shifting blames to government agencies delaying the payment, the lawmakers made four resolutions. They urged the oil marketers to, as a matter of public interest, rescind their decision on the ultimatum to allow the federal government more time to look into their demand, engage with the DMO to determine an appropriate financial instrument for the repayment of the debt. The senators also urged the Federal Government to engage marketers and agree on outstanding liabilities to put an end to these subsidy claims and direct all concerned agencies to immediately pay the subsidy arrears as approved by Federal Executive Council, FEC, and passed by the National Assembly. Only on Wednesday, the Debt Management Office, DMO, and Finance Ministry invited the marketers to Abuja for a meeting to iron out issues relating to the matter Above from. Vanguard 2weeks. Ago. Pay. Attention to. Paragraph 3 to6 https://www.vanguardngr.com/2018/12/subsidy-debts-fg-to-pay-oil-marketers-n236bn-next-friday/ |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 8:06am On Dec 09, 2018 |
musa234: Where am. I contradicting myself? Can you tell me? |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 8:08am On Dec 09, 2018 |
sotall: Yes they are. See this report from the Vanguard Skip to content VANGUARD NEWS NIGERIAA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc Search for: HOMENEWS SPORTSMORE Subsidy debts: FG to pay oil marketers N236bn next Friday ON DECEMBER 8, 20186:04 PMIN BUSINESS, NEWS11 COMMENTS …Second tranche in 2019, final settlement by 2020 …Warri refinery resume production, P’Harcourt to join soon By Michael Eboh The Federal Government, Saturday, said it would pay oil marketers N236 billion next Friday, being first tranche of the outstanding N348 billion subsidy claims owed members of the Major Oil Marketers Association of Nigeria, MOMAN, and the Depot and Petroleum Products Marketers Association, DAPPMA. Speaking after a meeting with officials of petroleum product marketers in Abuja, Chief Operating Officer, Downstream of the NNPC, Mr. Henry Ikem-Obih, disclosed that the remaining portion of the claims would be paid in 2019, after a meeting between the oil marketers and the Federal Ministry of Finance, that would be scheduled sometimes in 2019. Cross section of officials during the meeting between the Federal Government and oil marketers at the State House Conference Centre, Abuja. Photo by Abayomi Adeshida He said, “We agreed that after the first tranche is paid, the marketers would form a committee to work on details of how the next tranche will be paid in 2019 and the last tranche in 2020. Government is fully committed to pay the first tranche as promised and will be paid through promissory note that would be issued by the Debt Management Office, DMO.” He declared that the Federal Government had insisted on making the payments through promissory notes, which was equivalent to cash and can be liquidated almost immediately. Ikem-Obih said the decision to pay through promissory notes was based on the need to manage cash injection into the economy, noting that injecting cash of that magnitude into the economy might affect the country negatively. The NNPC downstream boss said the mode of settlement had been agreed between the Federal Government and the oil marketers since 2017, adding that the decision was not new. He noted that the Federal Government had decided to pay the money to the oil marketers in full and had directed that there would be no deductions from the marketers’ account to settle debts owed government. Ikem-Obih said, “Some oil marketing companies, DAPPMA and MOMAN members are indebted to Federal Government agencies, like the Federal Inland Revenue Service, FIRS, but the government had directed that the debts should not be deducted from the payments. This is because if we do, most of the marketers would be left without a dime.” Explaining the disparity between the N800 billion claimed by the oil marketers and the N348 billion approved by the National Assembly, the downstream chief executive said the debt position of all the marketers to the government where considered and agreed upon as at June 30, 2018 and presented to the National Assembly for approval, which after consideration of the debts, approved the sum of N348 billion. He assured Nigerians that the NNPC was fully ready to ensure stable supply of petroleum products during the Yuletide period and beyond, stating that presently, the corporation has over 2.8 billion litres of Premium Motor Spirit, PMS, also known as petrol, which would last the country for 55 days while 90,000 metric tonnes of diesel, imported by the Petroleum Products Marketing Company, PPMC, and NNPC Retail, would arrive the country in the next couple of days. Ikem-Obih declared that all MOMAN, DAPPMA and IPMAN had assured the Federal Government that their facilities would be available throughout the festive period, while all the NNPC depots across the country and its 618 retail outlets would also be dispensing the products. He also disclosed that in addition to the imported fuel stock, the countries refineries would also be contributing to fuel supply, adding that Warri Refinery had returned to production last Thursday, while Port Harcourt refineries are about to resume production. Also speaking, Chief Executive Officer of A.A. Rano Limited, Alhaji Aliyu Sa’id dissociated the company from the planned shutdown by DAPPMA and MOMAN, stating that the timing was wrong. He said oil marketers should not be seen to be sabotaging the efforts of government in ensuring stable fuel supply during the Yuletide season and beyond. Speaking in the same vein, Managing Director/Chief Executive Officer of A.Y.M. Shafa, Mr. Ahmad Abdullahi, declared that at this time that the country is going through series of challenges, security and financial, any attempt to worsen the plight of Nigerians would be seen as an attempt to put the country in chaos. He urged other oil marketers to support the Federal Government and trust the decisions of the government as it concerns settlement of the outstanding claims. On his part, Group Managing Director of Obat Oil and Gas, Prince Akinfemiwa Akinruntun, said the company is ready to support the government by loading the products on a 24 hours basis, noting that the NNPC had been supportive of oil marketers over the years. He noted that national interest supersedes his personal interest, hence, he would urge Nigerians to avoid panic buying, as efforts would be geared towards ensuring stability in petroleum products supply. Related N800bn subsidy debts: Pay marketers within 2 weeks, Senate tells FG December 7, 2018 FUEL: FG accuses oil marketers of sabotage March 25, 2015 N800bn subsidy debt: DMO, Finance ministry invite aggrieved marketers for dialogue December 6, 2018 READ ALSO: Sani predicts doom for APC, wants Akpabio back in PDP Vanguard PROMOTED Lose 31 Kg In 8 Weeks Green Coffee Look 10 years younger? Thousands of women already know how! Goji Cream Natural detox drink that can help you lose some weight ! 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NEWS SPORTS ENTERTAINMENT VIDEOS RELATIONSHIPS POLITICS FORUM CONTACT US ADVERTISE WITH US PRIVACY POLICY TEXT SIZESMALLMEDIUMLARGE Vanguard News NigeriaA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc © 2018 Vanguard Media Limited, Nigeria Read more at: https://www.vanguardngr.com/2018/12/subsidy-debts-fg-to-pay-oil-marketers-n236bn-next-friday/ |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by emmie14: 8:10am On Dec 09, 2018 |
theoldpretender:Why must Nigeria import fuel? What happened to our refineries? Maybe Jonathan spoiled them. APC promised to reconstruct the refineries and stop subsidies while increasing pump price to 145. |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by Arabs999: 8:14am On Dec 09, 2018 |
Emmabraham: U better watch out because that woman pussy thick die and the biebie na razor blade. Make sure to write down ur will b4 u commence on that journey.... ... |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 8:15am On Dec 09, 2018 |
sotall: Hope you read the vanguard report Now for part 2. 1.What this government is doing.is.importing fuel via the NNPC and. Selling. It at.a lower. Price to marketers 2.Meanwhile NNPC is doing. Some. Dubious accounting to keep prices low/subsidise fuel 3.Under GEJ,. Marketers were importing fuel, but govt was making them sell at a lower price than how.it was. Imported and paying the the difference. Example, when fuel was97, it cost 99 naira to. Import it. By 2014.itwas120, by 2015 132.fuel was being. Sold at. N97 by 2014, N87 by 2015. Problem is, it was.difficult to pay subsidies. That is why GEJ wanted to remove subsidies. He saw this happening. Nigerians didnt see. That. The debt accumulated is the price of trying to keep fuel prices low. As you can see it did not work. |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by semyman: 8:17am On Dec 09, 2018 |
This is what I call responsive governance, please try also to treat ASUU's Bleep up too |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 8:21am On Dec 09, 2018 |
emmie14: 1.Even at full capacity our refineries won't be able to produce all we need. Remember the last one was opened in 1988.our population both man and vehicle has increased since then. That is why we. Depend on importation 2.It coats 9billion dollars to build a new refinery. And we don't have the money. And we need 4.new Dangote type refineries. That is 36bn.dollars to build. 3.If we remove subsidies completely, we would. Attract. The investment we need to build new refinery amongst other things. (Which I suspect is what GEJ had in.mind, and why even people like The.emir of Kano agree that subsidy has to go) 4.Sadly APC does. Not. Want. To make the sacrifice. And Atiku with his 90 naira per liter plan would make. Things worse |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by unite4real: 8:23am On Dec 09, 2018 |
sotall: Recent subsidies are being paid. The one in contention was an old debt. Try to dig up publications and reports on this debt online. 1 Like |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by iamjavadem(m): 8:41am On Dec 09, 2018 |
Chai!!! Wailers are not happy, see them lamenting. Keep wailing till 2023. |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by sotall(m): 8:43am On Dec 09, 2018 |
unite4real: What is the difference?? Paying recent subsidy or owing old debt...is the money not coming out from the Nigerian treasury?? This government denied subsidy ever existed and tagged it scam. How do we know subsidy claims in this Government isn't scam ?? |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by CocoaOla: 8:47am On Dec 09, 2018 |
Nigerians are fooled! |
| Re: Oil Marketers To Get N236bn Subsidy Claims By Dec. 14th — FG by theoldpretender(m): 8:52am On Dec 09, 2018 |
sotall: 1.Buhari said subsidies were scam back when marketers were claiming monies for fuel not imported. That was the time people like Otedola and co were briefly on trial for that issue. And the reason why marketers were doing that was that they.were.losing money under subsidy, so in order to.balance their books, make fake subsidy claims among other things. 2.We import most of the fuel we use in this country because even at full capacity our refineries cannot meet need. If we sold fuel without subsidies, by now we would be paying 250 naira for fuel per liter 3.APC does. Not want to.lose power, so they pay subsidies. Difference is that they made NNPC the sole importer of fuel, which essentially has made NNPC even more corrupt than it is, and led to loss of cash. 4.The alternative, removing subsidy completely and allowing marketers to import fuel and sell it at the price they want to sell it is economically right, but politically explosive. Ask GEJ. |
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