FG approves N413billion for subsidy claims

The Nigerian National Petroleum Corporation (NNPC), Wednesday, said the Federal Government has approved the payment of N413 billion to oil marketers as outstanding payment for subsidy claims.

“It is our belief that with the outstanding payment due to Oil Marketers now assured, the marketers and other downstream players will join hands with the NNPC to guarantee that the nation remains wet with petroleum products all year round,” the Corporation said in a statement by the Group General Manager, Group Public Affairs Division, Mr Ohi Alegbe.

NNPC disclosed that it had injected additional volumes into the market in order to ensure zero fuel queues ahead of the festive season and beyond.

To achieve this, NNPC said it was collaborating with its downstream subsidiary, the pipelines and products marketing company and other players in the supply and distribution of fuel nationwide.

“Apart from increasing the volume of products distributed to stations across the country, inspection team from the Pipelines and Products Marketing Company have been commissioned to go round to ensure compliance with laid down rules regarding loading and product evacuation across board to eliminate hoarding and other vices detrimental to the free flow of products,” the statement added.