FG Awaits N’Assembly Approval to Settle N2tn Liabilities to Oil Marketers, Contractors

The Federal Government has said it is awaiting approval of the National Assembly to settle its liabilities to fuel marketers for subsidy claims.

Minister of Finance, Mrs. Kemi Adeosun, told THISDAY Saturday that the Federal Executive Council had approved the Promissory Notes proposed to settle the subsidy arrears and other liabilities inherited from the previous administration, but required National Assembly’s approval of the decision, when it resumes from recess, before the claims could be settled.

The minister had disclosed mid-July that FEC had approved the validation of promissory notes and a debt issuance programme for payment to Federal Government contractors, its employees and state governments valued at N2.7 trillion, a breakdown of which include a discounted N1.93 trillion owed contractors and suppliers as well as N740 billion outstanding pensions and promotional salary arrears reconciled by a committee set up by the Ministry of Finance.

But oil marketers had recently raised the alarm about impending crisis in the downstream oil sector following the unpaid arrears and threatened to downsize their workforce.
THISDAY, September 3, 2017

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