The federal government has approved the immediate payment of N413 billion ($2.1bn) to oil marketers being the outstanding payments for subsidy claims.
The Nigerian National Petroleum Corporation (NNPC), on Wednesday, while announcing the approval said the sum will ensure the country “remains wet with petroleum products all year round”.
Lately, there have been fuel queues in petrol station, in some parts of the country, as a result of the non-payment of the subsidy claims.
A statement issued by the Group General Manager, Public Affairs Division, Ohi Alegbe, noted that the corporation had stepped up measures to eliminate the noticeable fuel queues with the supply of additional volumes of petrol, adding that the approval would strengthen its initiative to ensure zero fuel queues.
The statement further explained that the corporation is working assiduously with its downstream subsidiary company, the Pipelines and Products Marketing Company (PPMC), and other downstream players to consolidate the prevailing stability in the supply and distribution of fuel nationwide.
The statement read in part, “It is our belief that with the outstanding payment due to oil marketers now assured, the marketers and other downstream players will join hands with the NNPC to guarantee that the nation remains wet with petroleum products all year round.
“Apart from increasing the volume of products distributed to stations across the country, inspection team from the PPMC have been commissioned to go round our operational areas to ensure compliance with laid down rules regarding loading and product evacuation across board to eliminate hoarding and other vices detrimental to the free flow of products.”