Minister of Finance, Mrs. Kemi Adeosun on Wednesday confirmed the approval of payment of N407.07bn as fuel subsidy to oil marketers.
A statement issued by the Director, Press in the Ministryof Finance, Mr. Marshal Gundu, said that the payment covers arrears of 2014 and the current year.
“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.
“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,” the statement said.
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