Oil marketers yesterday confirmed receipt of N236 billion being first tranche payment of the outstanding N800 billion subsidy debt owed its members.

Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN) confirmed the development to Daily Sun in a telephone interview.

‘‘Yes, I can confirm to you that payment is ongoing. Some of our members have started receiving the promissory note for the payment of the subsidy arrears.”

The receipt of the N236 billion promissory note was equally corroborated by the Chief Operating Officer (COO), Downstream, Nigerian National Petroleum Corporation (NNPC), Mr. Ikem Obih.

Obi said the Federal Government in paying the first tranche of the debt through the Central Bank of Nigeria (CBN), had directed banks to freeze interest on loans related to the subsidy scheme.

“Yes, I can confirm that the promissory note has been issued; in fact, they were ready on Wednesday. The marketers got emails inviting them to come and receive them on Monday.

“By the end of Tuesday, they were actually ready from the Debt Management Office (DMO). We had a meeting with the CBN Governor on Thursday and they were informed officially that they should pick up the promissory notes; the Director General of DMO was there.

“Most of them were waiting for that meeting with the CBN governor; it went very well. One of the things that CBN governor has taken the initiative to do is to ask the banks to freeze the interest on any loan related to that scheme; the outstanding payment from end of June 2017 to date. Those are some of the additional concessions that government has done,’’ he said.

According to him, all the promissory notes for this first tranche will mature by 2019.

“The CBN governor will give the Liquid assets status; so, it is as good as cash,’’ he added.

But, Isong in admitting that the money has been paid through promissory notes, said he hopes the Federal Government implements the clause in the agreement that banks freeze interest on loans.

Commenting on petrol scarcity, he said at the moment, the country had in stock 2.7 billion litres of Premium Motor Spirit (PMS) that would last for 54 days and still importing.

He noted that in terms of supply, NNPC was very robust and had never been this good in the least 10 years, at this time of the year.

“We are very good with distribution in terms of how much products is on land because 2.8 billion litres is what is between Lagos waters and land.

“Most tank farm cannot receive PMS at the moment; our vessels have to queue for days to be able to discharge to the storage.’’ He added

Also, petroleum products marketers had also confirmed receiving payment of N236 billion from the Federal Government for the first tranche of the outstanding fuel subsidy claims.

However, the Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Mr Olufemi Adewole, said, that oil marketers still needed clarifications as regards the payments made by the Federal Government.

“Yes, we collected promissory notes, but we need clarification. DAPPMAN chief executive officers are reviewing the total scenario and would meet with the Senate Committee, which has been of so much help to iron out things.”

He further confirmed that the payment was made via promissory notes, adding that DAPPMAN was already reviewing the situation.

He confirmed that the petroleum marketers would be meeting with the Senate Committee on Downstream to address other pending issues.

https://www.akelicious.net/2018/12/n800bn-subsidy-debt-oil-marketers-get.html

Thought the dullard claimed not to know what subsidy was?

The magically appearing and disappearing subsidy.
Anyway subsidy or no subsidy, we provide customized VIN Checks and reports for car buyers, dealers and owners to ensure you don't end up with a vehicle with dangerous and hidden damage history
Signature
*We are also open to subsidies for the reports.

There is only one person that can do this good and great things to our great nation, and its Buhari

We will walk together to the next level of greatness to see our own country become the world center of attraction to others

Buhari till 2023

When will they get full payment?
They should insist on full payment otherwise the balance would be in December 2019

This is exactly one week to Christmas, and there is no sign of Fuel scarcity during the festive season.
Something that we never missed for once during the tenures of criminals and thieves in the thieving party.

We will never allow PDP on our country anymore.
God punish devil!

Outrageous figures of money everywhere, when would they materialize?

N800B owed by Jonathan

PMB cleaning GEJ's mess

Election diversions

He promised to erase subsidies

He ended up increasing them

Cleaning past government mess

PDP supporters will wail over this given that the chances of them wailing over scarcity has diminished. They should go sow their seeds in another bad news mbok. This particular ticket don cut.

Lol

baliyubla:
Thought the dullard claimed not to know what subsidy was?

Its ur lord (gej's) mess the dullard is cleaning...

TheGreenLand:
Kool

Even if you don't modify, I'd still LIKE the comment. Even if you put only a comma, I'd like it!

Corrinthians:
Even if you don't modify, I'd still LIKE the comment. Even if you put only a comma, I'd like it!

You are a patriot High Chief....

Corrinthians:
PDP supporters will wail over this given that the chances of them wailing over scarcity has diminished. They should GI sow their seeds in another bad news mbok. This particular ticket don cut.

Wailers are in so much trouble.
They keep wailing for bad news everyday.
PMB till we are ready to let him go and rest jor!

TheGreenLand:

You are a patriot High Chief....

Na so me sef see am o.

Govt should have removed susidy long time ago. But oil marketer thieves who will supply one ship and demand fir 3 and their handlers has been frustrating that effort since.

baliyubla:
Thought the dullard claimed not to know what subsidy was?

The debt was owed by GEJ and his gang of thieves supported by idiots.

Kenekingisback:
When will they get full payment?
They should insist on full payment otherwise the balance would be in December 2019

As if you're going to collect 1 Naira inside the money.

Thought this government of lies says there's no subsidy?

Hian.... This govt and deceit...so they looked into hoe stupid and gullible we can be and said no more subsidy but deep down inside them they know is all a lie....






And there are some psychos that are actually still supporting them


Meanwhile let me wish Buhari happy birthday

* May your light shine like NEPA.
* May your road to 2019 be like Nigerian roads.
* May your heath be like Nigerian health sector.
* May your wealth be like Nigerian economy
* May you be treated as you treated Nigerians
* May your life be like the way you have treated the life of our soldiers
Happy birthday president

Jonathan fulfilled his mission to cripple this country

Subsidizing corruption and claiming to fight it, pls give one one billion to each Nigerian instead.

I thought PMB said the reason for increase in fuel price when he took over from GEJ from 87 to 145,etc was because he stopped subsidy payment,which other subsidy are we talking about?

Stalwert:
Jonathan fulfilled his mission to cripple this country

when you actually think sense is common

Eponyeeboz:


The debt was owed by GEJ and his gang of thieves supported by idiots.

and some certain branded new generation ediots and liars came and told us that pump price have to be increased in order to stop subsidy and until this moment they still talking about subsidy... Go and tell your village people that Thia plan has worked... Shege