FG pays oil marketers N48.2bn subsidy arrears

The Federal Government on Tuesday announced the payment of N48.2 bil­lion oil subsidy arrears for 2015 to marketers.
According to the govern­ment, the payment made since last week was to enable the mar­keters import petroleum prod­ucts and meet their other finan­cial needs.

Although, the government did not categorically state when the arrears of the subsidy pay­ment was made to the oil market­ers, but it had last week Wednes­day announced a hike in pump price of fuel, pegging it at N145.00 per litre.
In a statement issued yes­terday, the Minister for Finance, Mrs. Kemi Adeosun, said that the Federal Government author­ised the Debt Management Office (DMO) to pay the claims less tax liability of N5.171 billion, which was computed by the Federal In­land Revenue Service (FIRS).
According to the statement signed by the Ministry’s Direc­tor (Information), Salisu Na’inna Dambatta: “The gross total out­standing subsidy claims accruable to the oil marketers for 2015 stood at N48,207,176, 262.44, while de­ductable tax liabilities payable to the Federal Inland Revenue Ser­vice stood at N5,171,186,373.05 only.”
Giving details of the pay­ments, Mrs. Adeosun stated that oil marketers without tax liabili­ties were paid in full, while those with net subsidy claims and FIRS liabilities were paid net claims af­ter deduction of tax liabilities.