Oil
marketers have issued a seven-day ultimatum, demanding that the Federal
Government settle the outstanding debts totalling N800 billion, failing
which depots would cease operation across the country. The marketers,
comprising Major Oil Marketers Association of Nigeria, Depot and
Petroleum Products Marketers Association and Independent Petroleum
Products Importers, said failure to meet the deadline would force its
members to disengage workers from depots. Confirming the seven-day
notice, Patrick Etim, Legal Adviser to IPPI told the News Agency of
Nigeria that banks have taken over investments and assets of oil
marketers over unpaid debts. According to Etim, marketers have no choice
that to ask their workers to stay at home over unpaid salary arrears
due to huge subsidy debts owed by the government. “The only way to
salvage the situation is for government to pay the oil marketers the
outstanding debts through cash option instead of promissory note being
proposed. As I speak, nothing has been done several months after
assurances received by government saying it would pay off the
outstanding debts.The oil marketers have requested that forex
differential and interest component of government’s indebtedness to
marketers be calculated up to December 2018 and be paid within next
seven days from the date of the letter sent to the government,’’ he
said.Etim said that several thousand jobs were on the line in the
industry, as oil marketers begin to cut-down their workforce due to
inability to pay salaries “At the inception of the current
administration, marketers engaged the government with the view to secure
approval for all outstanding subsidy-induced debts handed over to the
current administration,’’ he said. The counsel said that the current
administration paid part of the debts with a substantial portion of the
subsidy interest and foreign exchange differential still pending. The
Executive Secretary of DAPPMA, Mr Olufemi Adewole, also confirmed the
seven-day ultimatum notice. Adewole disclosed that the oil marketers
on November 28 served the ultimatum letter on the Debt Management
Office, Minister of Finance, Chairman, Senate Committee on Petroleum
Downstream, Department of State Services and Minister of State,
Petroleum Resources.Oil marketers give FG seven days ultimatum to pay N800b subsidy debts
Oil
marketers have issued a seven-day ultimatum, demanding that the Federal
Government settle the outstanding debts totalling N800 billion, failing
which depots would cease operation across the country. The marketers,
comprising Major Oil Marketers Association of Nigeria, Depot and
Petroleum Products Marketers Association and Independent Petroleum
Products Importers, said failure to meet the deadline would force its
members to disengage workers from depots. Confirming the seven-day
notice, Patrick Etim, Legal Adviser to IPPI told the News Agency of
Nigeria that banks have taken over investments and assets of oil
marketers over unpaid debts. According to Etim, marketers have no choice
that to ask their workers to stay at home over unpaid salary arrears
due to huge subsidy debts owed by the government. “The only way to
salvage the situation is for government to pay the oil marketers the
outstanding debts through cash option instead of promissory note being
proposed. As I speak, nothing has been done several months after
assurances received by government saying it would pay off the
outstanding debts.The oil marketers have requested that forex
differential and interest component of government’s indebtedness to
marketers be calculated up to December 2018 and be paid within next
seven days from the date of the letter sent to the government,’’ he
said.Etim said that several thousand jobs were on the line in the
industry, as oil marketers begin to cut-down their workforce due to
inability to pay salaries “At the inception of the current
administration, marketers engaged the government with the view to secure
approval for all outstanding subsidy-induced debts handed over to the
current administration,’’ he said. The counsel said that the current
administration paid part of the debts with a substantial portion of the
subsidy interest and foreign exchange differential still pending. The
Executive Secretary of DAPPMA, Mr Olufemi Adewole, also confirmed the
seven-day ultimatum notice. Adewole disclosed that the oil marketers
on November 28 served the ultimatum letter on the Debt Management
Office, Minister of Finance, Chairman, Senate Committee on Petroleum
Downstream, Department of State Services and Minister of State,
Petroleum Resources.
