As part of efforts to end the scarcity of petroleum products, Federal Government, yesterday, said that it has authorised the Debt Management Office (DMO) to pay oil marketers the sum of N48,207,176,263.44, being subsidy arrears accruable to them in 2015.
In a statement, the Director of Press of the Ministry of Finance, Salisu Na’inna Dambatta, said that the payment was to enable marketers import petroleum products and also meet other financial obligations.
The statement also stated that the gross total outstanding subsidy claims accruable to the oil marketers for 2015 stood at N48,207,176,263.44, while deductible tax liabilities payable to the Federal Inland Revenue Services stood at N5,171,186,373.05.
According to the statement, oil marketers who did not default in tax payment were paid in full, while those who have tax liabilities with net subsidy claims were paid after deducting all relevant tax.
It acknowledged the government’s decision to deliberately withhold the payment of oil marketers that were indebted to the Federal Inland Revenue Service and the seven oil marketers that defaulted in paying their dues to the Asset Management Company (AMCON) until such obligations were met.
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