At least 70 per cent of the oil marketers have suspended fuel importation due to being owed over N291 billion subsidy arrears by the Federal Government and this may lead to impending fuel scarcity in the coming weeks, Sunnewsonline reports.
While speaking at the opening of the 2015 Oil Trading and Logistics (OTL Africa) Downstream Expo in Lagos yesterday, Mr. Emmanuel Iheanacho, The former Minister of Interior and Managing Director of Integrated Oil and Gas Limited revealed that the inability for government to pay up has stressed the relationship between Major Oil Marketers Association of Nigeria (MOMAN) and the Federal Government.
He says, “Fuel scarcity would be a recurring decimal as long as government fails to meet the payment timeline of 45 days.”
He insists as a way to douse the problem, “The subsidy we currently maintain in this country is for those who can afford it. Let government go ahead and remove the subsidy. There is a need to restructure the downstream sector”
There could be another faceoff between Major Oil Marketers Association of Nigeria (MOMAN) and the Federal Government. The latter had raised the alarm over the inability of the Federal Government to offset about N291 billion subsidy claims earlier in June this year.