Business FG Pays N24.7billion Subsidy to Oil Marketers



The Ministry of Finance in a newspaper advert said that it had paid N24.7 billion to oil marketers whose claims had successfully gone through the verification processes from the Petroleum Product Pricing and Regulatory Agency (PPPRA).

The companies include: Conoil, Folawiyo Energy, Forte Oil, Oando Plc, Acorn Petroleum, Aiteo Energy Resources and Techno Oil, Bulk Strategic Reserve, Cybernetics International Services, Dee Jones Petroleum and Gas, Oando Plc, Rahamaniyya Oil and Gas, and TSL Logistics claimed the highest in volume of allocation
Also on the recent list are Blacklight Energy, Bovas and Company and Hayden, all of which have significant supply of volumes.

In the Batch U/13 Sovereign Debt Statement (SDS) issued to 10 oil marketers by PPPRA, Aiteo claimed N2,193,200,999.52; Bulk Strategic Reserve-N905,279,509.42; Conoil Plc-N2,086,584,633.88; Cybernetics International Services-N422,086,579.35; Dee Jones Petroleum and Gas-939,424,518.95; Forte Oil- N2,807,874,290.98; Oando Plc-N1,682,448,410.28; Rahamaniyya Oil and Gas-N623,798,739.72; Techno Oil-N1,712,205,580.56 and TSL Logistics-N942,461,809.71.

Batch B/14 SDS which was issued to seven oil marketers had Aiteo with N3,276,185,458.16; Acorn Petroleum-N1,065,524,432.58; Blacklight Energy-N967,425,330.90; Bovas and Company-N964,625,043.28; Conoil-N1,792,724,448.24; Folawiyo Energy-N1,821,473,866.00; and Heyden-N519,631,559.75.

Collectively, they make significant contributions in the volume of petrol imported and supplied in the country, in addition to the quantity imported and refined by the Nigerian National Petroleum Corporation (NNPC).

Following the government review of its subsidy administration in the Petroleum Support Fund (PSF) which in addition to cutting down the number of marketers that import petrol into the country, now requires strict adherence to PPPRA’s truck-out policy, payments of subsidy claims to marketers by the ministry were now made to go through forensic processes that were aimed at plugging sources of leakages.

#Subsidy #Nigeria #Oil #ThisDay

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