Nigeria Nigerians Express Frustration as IPMAN Warns of Shutdown Over Unpaid N200 Billion Debt

As fuel scarcity intensifies across Nigeria, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has escalated tensions by threatening to disrupt the supply of Premium Motor Spirit (PMS), commonly known as petrol. The catalyst for this drastic action is the alleged non-payment of a staggering N200 billion in bridging claims, a critical financial lifeline for fuel marketers.

According to a report by Channels TV, Mazi Oliver Okolo, the Unit Chairman and spokesperson for IPMAN's Aba Depot, declared the association's intention to withhold fuel supplies, citing the unresolved debt owed by the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA). This move, Okolo asserted, was endorsed by IPMAN's national leadership, reflecting the widespread frustration within the industry over the persistent non-payment issue.

The bridging claims represent essential reimbursements for logistical costs incurred by fuel marketers to transport petroleum products from depots to retail outlets across the country. However, the accumulation of this substantial debt has placed an unbearable financial strain on IPMAN members, hindering their ability to procure new supplies and maintain operational viability.

The looming threat of supply disruption poses grave concerns for Nigeria, a nation heavily reliant on petrol for transportation, power generation, and various industrial activities. A potential fuel shortage could exacerbate existing economic challenges, further burdening citizens and impeding essential services.

Amidst mounting pressure, stakeholders are urging swift action to address the root causes of the debt crisis and prevent a full-blown fuel scarcity. The government, regulatory agencies, and industry players must engage in constructive dialogue to find equitable solutions that prioritize the stability of the fuel market and safeguard the interests of all stakeholders.