FG promises to pay N236b subsidy claims to Oil Marketers on Friday

Oil marketers should expect N236 billion payment from the Federal Government on Friday as the first tranche of the outstanding N348 billion subsidy claims by the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA).
News of the proposed payment emerged yesterday after a meeting between officials of the Nigerian National Petroleum Corporation (NNPC) and representatives of the petroleum product marketers.

The oil marketers had said yesterday that contrary to reports, they were yet to reach an agreement with the Federal Government on the N800 billion subsidy arrears and declared the ultimatum to stop depot operations tomorrow remained unchanged.
Executive Secretary of DAPPMAN Olufemi Adewole said in a statement in Lagos that offers by government failed to meet the legitimate demands of the association.

But a few hours thereafter, the Chief Operating officer, Downstream of the Nigerian National Petroleum Corporation  (NNPC) Henry Nkem-Obih said an agreement had eventually been reached by the two parties.

According to him, the first tranche will be paid on Friday while an arrangement will be made on the payment of the balance.

His words: “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.

Culled from TheNation.