BEVERLY HILLS, May 17, (THEWILL) – Kemi Adeosun, Minister of Finance, has revealed that the Federal Government has paid up the N48.2 billion outstanding subsidy debts owed to oil marketers.
This was revealed in a statement on Tuesday by Salisu Dambatta, Director of Information, Ministry of Finance, adding that the payment was made to enable the oil marketers import petroleum products and meet up their other financial needs.
“The N48.2 billion outstanding subsidy arrears owed oil marketers in 2015 has been paid,” the statement read.
“The gross total outstanding subsidy claims accruable to the oil marketers for 2015 stood at N48.2 billion, while deductable tax liabilities payable to the Federal Inland Revenue Service (FIRS) stood at N5.2 billion only.
“Oil marketers that were indebted to FIRS and the seven oil marketers that are indebted to the Asset Management Company (AMCON) were not paid until they settled their debts with the two agencies.”
The Federal Government had stopped its subsidy on petroleum products in 2015 and introduced a price modulation system aimed at liberalization of the oil sector.
Story by David Oputah
