FG Releases Guideline For Payment Of N45 Billion To Oil Marketers

Nigeria's Finance Minister Okonjo-Iweala speaks during an interview in Abuja
Nigeria’s Finance Minister Okonjo-Iweala speaks during an interview in Abuja

The Federal Ministry of Finace has released a guideline for the payment of oil marketers in the country, a statement by the Special Adviser ot the Finance Minister on Media, Paul Nwabiukwu said on Wednesday.

The statement, which noted that the ministry has “received several enquiries regarding the status of payments to oil marketers for fuel imports”, urged marketers to “note the following”

“Only marketers whose claims have been cleared after they have gone through the verification processes are paid. This is to ensure that the unpleasant experiences of the recent past with regard to wrong and irregular payments are not repeated.

“The process for the latest batch of payments totalling N45 billion is currently on and the Office of the Accountant-General of the Federation (OAGF) has confirmed that some marketers who have submitted letters of indemnity to the OAGF have already been paid. Other claims are being attended to.

“The letters of indemnity are an additional requirement for payment because banks which financed imports by some marketers had written to the OAGF through their lawyers to complain that their clients (the marketers) are making interest payments through other banks contrary to the terms of agreements reached. The banks in question are insisting that the interest payments be made through them since they granted the facilities that attracted the interest.

“To ensure that the Federal Government is not held liable in the event of any litigation between these banks and their marketer-customers, the OAGF has instituted the new procedure.

“It is important to note that subsidy payments are made retroactively because claims must go through all the necessary processes before they are approved and paid”, it said.

The statement further added that “government will continue to discharge its obligations to marketers whose claims are approved”.