SUBSIDY DEBT: FG, oil marketers reach truce on mode of payment

The Federal Government and petroleum marketers have finally reached an agreement on how outstanding subsidy claims would be settled by government.

The oil marketers and representatives of various government ministries and agencies agreed on this at a meeting held at the headquarters of the Ministry of Finance, Abuja on Thursday.

According to a statement from the Media Adviser to the Minister of Finance, Mr Paul Ella, the marketers assured the government that operations at all depots and sales would continue until further notice.

The meeting was attended by senior government officials from the ministry, Debt Management Office, Nigerian National Petroleum Corporation and the Central Bank of Nigeria.

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Also in attendance were representative from the Budget Office of the Federation, the Office of the Accountant-General of the Federation and the Petroleum Products Pricing Regulatory Agency.

Others were representatives from the Depot and Petroleum Products Marketers Association, Major Oil Marketers Association of Nigeria and Independent Petroleum Marketers Association of Nigeria.

It would be recalled that Oil marketers had on Sunday issued a seven-day ultimatum to the Federal Government for the payment of all outstanding subsidy debts, including foreign exchange differentials and interest rate component, owed to them.

The statement, further states that the marketers after the meeting, expressed satisfaction over the arrangement being made by the Federal Government to settle their claims.

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