Business Hilights

Tracking Nigeria's Headline Business News Online


FG’s body language weak in payment of N650bn debt—Oil marketers aver

Ad 2
Ad 3

Though the oil marketers’, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), had last week made another passionate appeal to the federal government demanding payment of N650 billion debt owed them, a top member of the group confided on Business Hilights weekend that government’s seriousness remains a suspect.
The official argued that “The delay and momentary changes of payment plans at a time more debts are rising show that government may not be serious with us after all”.
“There are chances that MOMAN may take another strategic move so that we can get our money. Am saying this because if you review how the same government is playing with organized labour in minimum wage that should have been reviewed years ago, something is fishing.
MOMAN is an amalgam of Independent Petroleum Marketers Association of Nigeria (IPMAN); Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs).
It would be recalled that last week, the Executive Secretary of DAPPMA, Olufemi Adewole, had called on the government to do away with the observed bureaucratic process involved in the payment process.
Adewole averred that “The inability of federal government to pay the debt had resulted in massive job losses in the oil and gas industry, which has affected the marketers’ operation. “Currently, 60 per cent of marketers had been forced out of business, as banks had taken over their depots, assets and properties due to their inability to pay back monies borrowed. He added that many marketers were forced out of business, while others are presently struggling to survive due to the unpaid subsidy arrears.
The high point of DAPPMA anger is that the delay in payment has activated serious threats on investments within the nation’s downstream petroleum sector.

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.