Settle Outstanding Debts Or We Close All Depots In The Country – Oil Marketers To FG

Nigerian Oil marketers have on Sunday, November 2, issued out a seven-day ultimatum, in Lagos. The Marketers have demanded that the Federal Government pay off the debts they owe which total to N800 billion. They threatened that failure to do so would leave them no choice but to cease operation across the country. The marketers, comprising of Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association and Independent Petroleum Products Importers, disclosed that if its demands are not met by the government, it would force its members to disengage workers from depots. Reacting to the seven-day warning, Mr Patrick Etim, Legal Adviser to IPPI has told the News Agency of Nigeria that banks have taken over investments and assets of oil marketers over unpaid debts. According to Etim, marketers have no choice than to ask their workers to stay at home over unpaid salary arrears due to huge subsidy debts owed by the government.  He was quoted to have said that: “The only way to salvage the situation is for government to pay the oil marketers the outstanding debts through cash option instead of promissory note being proposed. “As I speak, nothing has been done several months after assurances received by the government saying it would pay off the outstanding debts. “The oil marketers have requested that forex differential and interest component of government’s indebtedness to marketers be calculated up to December 2018 and be paid within next seven days from the date of the letter sent to the government,’’ he said. Etim revealed that numerous jobs are on the line as Marketers as already began to reduce their workforce. He was quoted to have said that: “At the inception of the current administration, marketers engaged the government with the view to secure approval for all outstanding subsidy-induced debts handed over to the current administration,’’ he said. It was also disclosed that the current administration paid part of the debts with a considerable portion of the subsidy interest and foreign exchange differential still pending.Photo Credit: Getty

Leave a Reply