FG clears 2015 fuel subsidy arrears.

The Federal Government says it has paid off the outstanding N48.2b fuel subsidy arrears due to oil marketers for the year 2015.

This was disclosed in Abuja on Tuesday in a statement signed by the Director of Information in the Ministry of Finance, Mr Salisu Dambatta.

He said that the marketers were paid to enable them import more petroleum products.

“The gross total outstanding subsidy claims accruable to the oil marketers for 2015 stood at N48.2 billion, while deductable tax liabilities payable to the Federal Inland Revenue Service (FIRS) stood at N5.2 billion only,” said the statement.

The News Agency of Nigeria, NAN reports that the Minister of Finance, Mrs Kemi Adeosun had directed the Debt Management Office (DMO) to pay the claims less tax liability of N5.2 billion, which was computed by the Federal Inland Revenue Service (FIRS).

Marketers without tax liabilities were paid in full, while oil marketers with net subsidy claims and FIRS liabilities were paid net claim after deduction of tax liabilities.

“Oil marketers that were indebted to FIRS and the seven oil marketers that are indebted to the Asset Management Company (AMCON) were not paid until they settled their debts with the two agencies,” the statement disclosed.