FG Pays Petrol Marketers N48.2bn Subsidy Arrears

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Adeosun

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THE Federal Government said on Tuesday that it had paid oil marketers a total of N48.2bn as the outstanding subsidy claims for 2015. The amount, which according to the Federal Ministry of Finance, was paid last week, is to enable them to import petroleum products and meet up their other financial commitments.

Kemi Adeosun, Minister of Finance, who confirmed this in a statement, said the Federal Government authorised the Debt Management Office to pay the claims less tax liability of N5.171bn, which was computed by the Federal Inland Revenue Service. “The gross total outstanding subsidy claims accruable to the oil marketers for 2015 stood at N48,207,176,262.44, while the deductible tax liabilities payable to the Federal Inland Revenue Service stood at N5,171,186,373.05 only,” she said.

Giving details of the payment, Adeosun said the oil marketers without tax liabilities were paid in full, while those with net subsidy claims and FIRS liabilities were paid the outstanding claims after deduction of tax liabilities.

She further stated that all marketers who were indebted to the FIRS and the seven that were indebted to the Asset Management Company of Nigeria would not be paid until they settle with the two agencies. The statement did not disclose the identities of the oil marketers that had yet to be paid.

—  May 18, 2016 @ 15:45 GMT

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