Amidst the controversy that has hitherto surrounded the announcement of the removal of subsidy by the Federal Government, the Minister of Finance, Kemi Adeosun has disclosed that the outstanding N48.2 billion owed oil marketers have been paid off.
The Minister revealed this in a statement released on Tuesday, May 17.
She said the payment of the backlog was swiftly made so that oil marketers can import petroleum products and cover for their financial necessities.
“The N48.2 billion outstanding subsidy arrears owed oil marketers in 2015 has been paid,” she said in the statement released by Salisu Dambatta, director of information for the ministry.
“The gross total outstanding subsidy claims accruable to the oil marketers for 2015 stood at N48.2 billion, while deductable tax liabilities payable to the Federal Inland Revenue Service (FIRS) stood at N5.2 billion only.”
According to the statement, the minister also ordered the Debt Management Office to pay the arrears subsidy claims after deducting N5.2 billion accrued as tax liability by the FIRS.
“Oil marketers that were indebted to FIRS and the seven oil marketers that are indebted to the Asset Management Company (AMCON) were not paid until they settled their debts with the two agencies,” it said.