FG doles out N215b to oil marketers

The Federal Government says it will compensate oil marketers with about N30 billion to make up for the losses they incurred as a result of naira devaluation.

This is in addition to another N185 billion debts owed the marketers, which the government has also agreed to offset with the issuance of the Sovereign Debt Note (SDN) by the Debt Management Office (DMO).

Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala broke the news Wednesday after a meeting in Abuja with the oil marketers on the petrol scarcity in some major cities.

The minister, who raised the hope that the fuel shortage will end by the weekend,  said the Federal Government had addressed all contentious issues with the marketers, such as foreign exchange rate differentials for which the N30billion will be paid to mitigate their losses.

Mrs. Okonjo-Iweala said the Federal Government had been in talks with the marketers in the last 10 days.

She urged the marketers to be patriotic in their dealings with the government as the issue affects all and sundry.

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