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Oil marketers plead for payment of subsidy funds

18 July 2013, 15:02

Lagos - The Major Oil Marketers Association of Nigeria (MOMAN) on Thursday appealed to the Federal Government to ensure prompt payment of subsidy funds to importers of petroleum products.

Obafemi Olawore, the Executive Secretary, MOMAN, made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos.

Olawore said that marketers paid huge sums as interests to banks whenever there was any delay in the payment of the subsidy.

"For instance, the marketers who imported petroleum products in March had just been paid in July.

"This will attract an additional interest from the banks on the importers.

"We borrow money from banks on specific terms, on conditions which must be met.

"The painful aspect is that the Federal Government does not consider such accrued interest when paying the subsidy after several months of delay,” he said.

Olawore added that prompt payment of subsidy would enable the timely importation of products and investment in other businesses that would generate employment.

The scribe, therefore, urged the government to set up a body that would ensure quick payment of subsidy claims to the marketers.

He said that it would be difficult for marketers to continue to import petroleum products into the country, without prompt payment of the subsidy funds to importers.

 - NAN


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