FG Orders N150Billion Payment to Petroleum Marketers
The Federal Government of Nigeria has on Wednesday ordered the payment of the Petroleum Equalization Fund (PEF) owed petroleum marketers in the country. This development is directed towards curbing the imminent fuel scarcity.
The order for the payment was given at a meeting between the Chief of Staff to the President, Abba Kyari and shot callers in the petroleum downstream
The N150 billion is said to be the bridging cost for the delivery of petroleum products across the country.
The National Secretary of Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, briefed State House correspondents at the end of the closed-door meeting, which lasted about two hours.
He said: “The meeting had nothing to do with increase in petroleum pump prices.
“We looked into the issue of diesel and kerosene and as a matter of fact government is tackling the issues.
“The other issue is the issue of franchise which is the petroleum equalization fund which marketers are owed up to about N150 billion. That issue has been resolved. The government has directed that our monies must be paid and I am assuring you that with the payment of this money there is no cause for alarm.
“We are assuring our marketers that they should go back to their normal business as their outstanding money will be paid in few days.”
This is indeed a good development. 2017 is looking like a great year already.
