FG to Pay N185 billion to end fuel Scarcity

                   


The Minister of Finance and coordinating Minister of Economy Mrs Iweala said the Federal government is ready to meet the cost incurred by marketers,the fee,the interest as well as the foreign exchange differentials,by first paying the N185billion agreed upon,as she also prepared to meet with the oil Marketers on Wednesday over the fuel scarcity in the country.


Nigerian has suffered in the past few days in various states due to lack of petrol in filling stations across the country with long queue in few station having in exceptionally high price,the hardship could be untold if not redressed earlier, for Nigerians depend on petrol to power and light up their homes and also their vehicles for commuting
The Minister said the government has put in place a strategy to correct the fuel scarcity issue and address the marketers demand.

“We have taken the following steps: we’ve reached an agreement with the marketers’ union on the N185 billion balance of their payment. As part of this agreement, we are paying not only the costs they’ve incurred and their fees but also interest and forex differentials,” she explained.

She added.The Debt Management Office (DMO) is to issue Sovereign Debt Notes (SDNs) to cover N100 billion out of the N185 billion agreed upon as balance for the next  payment and also the Central Bank of Nigeria (CBN) had also given approvals for the banks to issue letters of credit.