Thursday, June 20, 2019
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The Senate has approved the payment of N348.003bn to 74 Oil Marketing Companies as outstanding fuel subsidies owed them by the federal government as at June 30, 2017. The approval is sequel to the presentation at plenary of a 14-page interim report of the Committee on Downstream Petroleum Sector by the Chairman, Senator Kabir Marafa, on promissory note program and a bond issuance to settle inherited local debts and contractual obligations to petroleum marketers.

The payment, according to the Senate, will be through promisory note program and bond issuance to settle inherited local debts and contractual obligations to the 74 oil marketing companies.

A breakdown of the 74 marketers shows that 55 are to be paid verified figures against their names while 19 others with contentious claims are to be paid 65 percent of their claims pending further investigation.

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