N800 billion Subsidy Debt: Nigerian govt, fuel marketers ‘reach agreement’

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The Nigerian government says it has reached an agreement with oil marketers over a disputed N800 billion fuel subsidy claim.

But the marketers said that a meeting with the government was still ongoing and there were no conclusions yet.

Both sides met Thursday in Abuja in a bid to forestall another fuel crisis.

Last Sunday, oil marketers on the platform of Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers Association issued a seven-day ultimatum to the government to pay the debt or risk a shutdown of all depots and fuel distribution outlets nationwide.

Although government responded with an offer of N340 billion, the marketer rejected it, saying they needed cash to help them resolve the immediate challenge of paying their workers outstanding salaries and other obligations.

A statement late Thursday by the finance ministry, said all parties had agreed on “settlement terms”. The statement, however, did not state the details of the agreement.

But it said all parties agreed to ensure operations at all petroleum products depots and sales outlets continue uninterrupted till further notice.

In attendance at the meeting were representatives of the petroleum products marketers, namely Depot and Petroleum Products Marketers Association (DAPPMA), Major Oil Marketers Association of Nigeria and Independent Petroleum Marketers Association of Nigeria.

Others were officials from the Federal Ministry of Finance, Nigerian National Petroleum Corporation, Central Bank of Nigeria, Budget Office of the Federation, Office of the Accountant-General of the Federation and the Petroleum Products Pricing Regulatory Agency.

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