Home BUSINESS N800bn Subsidy Debts: Oil Marketers Give FG 7-Day Ultimatum To Pay Cash

N800bn Subsidy Debts: Oil Marketers Give FG 7-Day Ultimatum To Pay Cash

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Oil marketers in Lagos have given the Federal Government seven-day ultimatum to settle outstanding debts totaling 800 billion naira, failing which depots would cease operation across the country.

The marketers, comprising Major Oil Marketers Association of Nigeria MOMAN, Depot and Petroleum Products Marketers Association DAPPMA and Independent Petroleum Products Importers, said failure to meet the deadline would force its members to disengage workers from depots.

Confirming the seven-day notice, Legal Adviser to the Independent Petroleum Products Importers Patrick Etim, said that banks have taken over investments and assets of oil marketers over unpaid debts.

According to him, marketers have no choice than to ask their workers to stay at home over unpaid salary arrears due to huge subsidy debts owed by the government.

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