Business
Association Hails FG’s Plan To Pay Marketers’ N500bn
The Depot and Petroleum Products Marketers Association (DAPPMAN) on Wednesday commended Federal Government on its plans to commence payment of N500 billion debt to marketers for imported fuel and interest on bank loans.
Mr Dapo Abiodun , the Chairman of DAPPMA, made the commendation in an interview with newsmen in Lagos.
He said that the marketers were owed in excess of N500 billion by the Federal Government.
Abiodun said that the huge debt was accumulated debt to petroleum marketers under the aegis of the Major Oil Marketers of Nigeria (MOMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA).
He commended the government in its bid to ensure that issues affecting the associations were dealt immediately to ensure hitch-free supply and distribution of petroleum products.
According to him, the minister of finance had collated these claims and forwarded them to the Federal Executive Council (FEC) for approval as the total amount due to marketers.
He said that because the money was not captured in the last budget, it had to go the National Assembly, which according to him, could not approve it before it went on recess.
“Our prayer was that the payment will begin before the end of July, but if this is not the case, bank interests will continue to be mounting up.
“The situation is getting worse, most marketers have lost the economic power to even pay their staff because this amount of money has accrued over time.
“This time last year when the exchange rate was changed, we had transactions that were done at the rate of N197 to the dollar.
“The thinking is that once you get naira, you could go to CBN and change the naira at N197 to a dollar, CBN, however, changed it to N305.
“So, the same naira you are supposed to get has become double. It is so bad. We know that the FG is doing much to ensure we are paid, but there is just so much bureaucracy involved.
“We are hopeful that the National Assembly will be gracious enormously to come back, if only to address this issue and go back to their recess,’’ he said.
Abiodun, who is also the Chief Executive Officer of Heyden Petroleum Ltd., said that the permanent solution was to remove the cap on the pump price of petrol and fully liberalise the downstream sector.
He said that inability to pay or service the loans had not only stalled their further importation of fuel, but was threatening the operation of the affected banks and the nation’s financial industry at large.
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