The Federal Government pays N48.2bn subsidy arrears to oil marketers

The Federal Government on Tuesday announced the payment of N48.2 bil­lion oil subsidy arrears for 2015 to marketers.

According to the govern­ment, the payment made since last week was to enable the mar­keters import petroleum prod­ucts and meet their other finan­cial needs.


Although, the government did not categorically state when the arrears of the subsidy pay­ment was made to the oil market­ers, but it had last week Wednes­day announced a hike in pump price of fuel, pegging it at N145.00 per litre.

In a statement issued yes­terday, the Minister for Finance, Mrs. Kemi Adeosun, said that the Federal Government authorised the Debt Management Office (DMO) to pay the claims less tax liability of N5.171 billion, which was computed by the Federal In­land Revenue Service (FIRS).

According to the statement signed by the Ministry’s Direc­tor (Information), Salisu Na’inna Dambatta: “The gross total out­standing subsidy claims accruable to the oil marketers for 2015 stood at N48,207,176, 262.44, while de­ductable tax liabilities payable to the Federal Inland Revenue Ser­vice stood at N5,171,186,373.05 only.”

Giving details of the pay­ments, Mrs. Adeosun stated that oil marketers without tax liabili­ties were paid in full, while those with net subsidy claims and FIRS liabilities were paid net claims af­ter deduction of tax liabilities.