The payment which was confirmed by the Minister of Finance, Mrs. Kemi Adeosun, through a statement issued by the Director, Press in the Ministry of Finance, Mr. Marshal Gundu include arrears from the 2014 financial year as well as payments for the current year.
The minister in the statement said the approval was given following a directive issued by President Muhammadu Buhari that the amount be paid immediately to the oil marketers in order to end the lingering fuel scarcity in the country.
The statement reads in part:
The Minister of Finance, Mrs. Kemi Adeosun has confirmed payment of N407,076,805,386.30 for subsidy claims to oil marketers so as to end the lingering fuel situation.
The Minister stated that the President has directed that payments be made immediately in order to bring to a quick end the lingering fuel crisis which has caused great suffering to Nigerian families and businesses.
She also said that despite dwindling revenues, the government is committed to ensuring continuous availability of fuel to Nigerians.
The payments include arrears from the 2014 financial year as well as payments for the current year. It is expected that the recipients would ensure adequate supply of fuel to end the persistent fuel shortage in the nation.
With this action which shows that government is fully committed to meeting its financial obligations in respect of fuel subsidy, the Minister further implored the major oil marketers to reciprocate the action by doing all they can to bring the fuel scarcity to an end.
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