The Federal Government has disclosed payment of over N58 billion to oil marketers as part of outstanding bridging claims. This follows claims by the Independent Petroleum Marketers Association of Nigeria (IPMAN) that N500 billion in bridging claims could cause a fuel crisis. The Independent Petroleum Marketers Association of Nigeria, IPMAN, had warned that the scarcity could be averted only if the Federal Government prevailed on the NMDPRA to pay N500bn bridging claims by its members.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday evening disclosed in a statement signed by its Corporate Communications wing that the regulatory authority made several payments to marketers whose claims have been verified since December 2021
It said “So far, over N58 billion has already been distributed to oil marketers out of which about N34 billion went directly to members of IPMAN”.
“We wish to stress that the total amount disbursed so far is the highest ever paid within a 6-months span by previous fund administrators, which implies that the reimbursement of marketer’s transportation differentials for petroleum products movement from depots to sales outlets is a priority to the NMDPRA. The Authority stated that freight rates were recently increased to reflect current market realities and invigorate investments in the transportation of petroleum products in the country to ensure uninterrupted distribution.
The organization said some of the pending payments are the result of marketers’ refusal to reconcile their claims, despite the Authority’s constant appeal to come for reconciliation whenever there are discrepancies.
Source: Oriental news, Business day ng
