Petroleum products marketers may soon stop fuel importation, raising the prospects of another scarcity as unpaid subsidy arrears hits about N170bn.

The unpaid subsidies have piled up due to stringent verification process after a legislative audit last year uncovered a widespread fraud in the fuel subsidy regime.

A breakdown of the current figures showed that while subsidy arrears to be paid to major marketers, including Total Nigeria Limited, Oando Nigeria Plc, Mobil Oil Nigeria Plc and Conoil Nigeria Plc amounted to N100bn, that of independent marketers amounted to N70bn.

The Executive Secretary, Major Markers Association, Mr. Thomas Olawore, who confirmed the development in a telephone interview, said that the huge indebtedness had impacted negatively on their operations.

He said: “Our capacity to import has greatly reduced, meaning that it could get to a point where we can no more be able to do so.

“Some banks have started to complain about nonpayment. But many of them are busy calculating their interests, which the marketers are expected to pay.”

He said it was in the best interest of the nation for the government to pay the subsidy, stressing that it would enable marketers to import more fuel for domestic consumption.

Olawore said: “Marketers have in the past five months tried to sustain importation in order to ensure there was adequate fuel supply in all parts of the nation because of patriotism. But it could get to a point where we may not be able to import anymore.”

http://nationalmirroronline.net/new/unpaid-fuel-subsidy-hits-n170bn/

Backward people!

What happened to subsidy probe?

God abeg let them stop importing so we can be forced to refine our own oil.
Shameless oil producing nation proudly importing fuel.mtcheew

N ;Da dem sabi jawe............#sipping ma zobo#anyway 4th

lekanolas: Petroleum products marketers may soon stop fuel importation, raising the prospects of another scarcity as unpaid subsidy arrears hits about N170bn.

The unpaid subsidies have piled up due to stringent verification process after a legislative audit last year uncovered a widespread fraud in the fuel subsidy regime.

A breakdown of the current figures showed that while subsidy arrears to be paid to major marketers, including Total Nigeria Limited, Oando Nigeria Plc, Mobil Oil Nigeria Plc and Conoil Nigeria Plc amounted to N100bn, that of independent marketers amounted to N70bn.

The Executive Secretary, Major Markers Association, Mr. Thomas Olawore, who confirmed the development in a telephone interview, said that the huge indebtedness had impacted negatively on their operations.

He said: “Our capacity to import has greatly reduced, meaning that it could get to a point where we can no more be able to do so.

“Some banks have started to complain about nonpayment. But many of them are busy calculating their interests, which the marketers are expected to pay.”

He said it was in the best interest of the nation for the government to pay the subsidy, stressing that it would enable marketers to import more fuel for domestic consumption.

Olawore said: “Marketers have in the past five months tried to sustain importation in order to ensure there was adequate fuel supply in all parts of the nation because of patriotism. But it could get to a point where we may not be able to import anymore.”

http://nationalmirroronline.net/new/unpaid-fuel-subsidy-hits-n170bn/

OK.

kaa kool fun won

Na the masses they want make dem suffer be dat.
3rd to comment...*dancing azonto*

Let the senate pass a bill to ban importation of petroleum products and also pass a bill for new refinery Construction in all the major geopolitical zones and all oil producing states.

kufzy: Na the masses they want make dem suffer be dat.
3rd to comment...*dancing azonto*

Mods are sleeping.

This country Nigeria is so badly run. The simplest of processes seem like a herculean task to the government.

Abeg make dem go sleep jare


i get better refinery for my backyard

i'm nw in buzinezz

daz_york:

Mods are sleeping.

na ITK go killl you

Let them even stop so that we ll put our houses together by fire by force.

lekanolas: ...
Olawore said: “Marketers have in the past five months tried to sustain importation in order to ensure there was adequate fuel supply in all parts of the nation because of patriotism...”

Since when? Patriotic oil marketers

I have a dream that one day, all our refineries will be working at full capacity so that we won't need to import fuel again. Ha! Another hardship looming. Jona, abeg talk to your boys and girls o.

if there is one thing that gives me nightmares, its this thing called fuel scarcity.
Not only does it drain my finances,it also gives drains me physically having to look, queue and struggle at filling stations to get the product.
i hope it doesn't occur again as a lot of lives revolve around fuel..

Paying for subsidy where we have multiple refineries with workers paid to refine petroleum products. Let then stop importing. Our refineries will be forced to wake up.

They don't want to be sincere to themselves.
Is it becuase the Govt. of the day has decided to curtail their excesses and reduce their fraud. It can't always be business as usual. ENOUGH IS ENOUGH.
Nigeria must move forward. My candid advice to them all is to tighten their belt and be set for a drastis reduction in their 'awuf'
I so move! Any seconder?

Logically speaking, the number one contra-ban should be petroleum products. but na they aint gonna do that cause the benefit directly from importation.

[quote author=tedd]Let the senate pass a bill to ban importation of petroleum products and also pass a bill for new refinery Construction in all the major geopolitical zones and all oil producing states. Easier said dan done, u b JJc abi? Ds na naija in case u nor knw

BILLIONS OF NAIRA ARE PAID TO SUBSIDIZED FUEL. HOW MUCH IS IT TO BUILD TEN REFINERY IN NIGERIA. WE ARE JUST SELLING SUGAR CANE TO BUY SUGAR, COCOA TO BUY BOURNVITA. SHAMELESS LEADERS WITH NO VISION. AND THEY COME TO TELL US THEY ARE PATRIOTIC.

that is why they wont allow the refinery to work. yeye people.

I am sure this said amount would have gone a long way refining our own crude oil instead of importing.

john650: This country Nigeria is so badly run. The simplest of processes seem like a herculean task to the government.

No comment

john650: This country Nigeria is so badly run. The simplest of processes seem like a herculean task to the government.

good point

Signs of END TIME hard time

Hmm tank God i ve a donkey and a horse 4 my movement. Stupid con3 wit backslide leaders.GEJ IS WORKING.

If refineries are built how will these oil thieves make money? So therefore Nigerians should forget about having refineries and manage to enjoy the oil slavery we have been subjected to by our past and present government and these oil thieves.