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Oil marketers urge government to pay alleged N650 billion debts

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The Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs) have raised the alarm over a N650 billion allegedly owed them by Federal Government in subsidy arrears, saying its immediate defrayment would help secure their assets.

In separate interviews with The Guardian yesterday, the oil marketers explained that the settlement of the debt would stop their assets from being taken over by banks.

The Executive Secretary of DAPPMA, Mr. Olufemi Adewole, urged government to reduce the bureaucratic bottlenecks in the payment process, adding that the debt had led to massive job losses in the downstream sector of the oil and gas industry.

He said 60 per cent of marketers had been forced out of business as financial institutions had taken over their depots and other investments for failing to pay back their loans.

The Guardian, September 28, 2018

 

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