The federal government has directed that petroleum marketers be paid the sum of N150bn owed them in subsidy on the cost of delivery of petroleum products across the country.
The directive was given by the Chief of Staff to the President, Abba Kyari on Wednesday following a meeting with the Independent Petroleum Marketers Association of Nigeria (IPMAN).
The National Secretary of Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, briefing newsmen said the approval was with immediate effect.
He said, “The meeting had nothing to do with increase in petroleum pump prices. We looked into the issue of diesel and kerosene and as a matter of fact government is tackling the issues.
“The other issue is franchise, which is the petroleum equalisation fund which marketers are owed to the tune of about N150 billion and now the issue has been resolved.
“The government has directed that our mony must be paid and I am assuring you that with the payment of this money, there is no cause for alarm.
“We are assuring our marketers that they should go back to their normal business as their outstanding will be paid in some few days.”
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