The Minister of Finance, Dr. Ngozi Okonjo-Iweala, said the payment of oil marketers was not the cause of the fuel scarcity witnessed in some parts of the country.
Okonjo-Iweala said this while briefing newsmen on Tuesday in Abuja.
She said: “I want to emphasise that contrary to some unfounded speculations, the queues are not caused by payment issues.
“As you know, we paid the marketers a total of N320.8 billion from the Excess Crude Account in two instalment in December last year.
“This underscores the fact that we are taking payment of marketers very seriously indeed.
“We’ve been in constant touch and talking with the marketers and a week ago we reached an agreement with them on their core concerns, which we have addressed.”
Okonjo-Iweala said government was very concerned about the fuel queues, which had appeared in Lagos, Abuja and other parts of the country.
According to her, the petroleum ministry and the Nigerian National Petroleum Corporation have worked very hard to reduce them to the barest minimum.
She added: “We sympathise with Nigerians whose lives are being disrupted by the queues and assure them that we are working hard to end them as quickly as possible.
“The situation is due to a mix of factors, including disruption of pipelines and logistical issues, and they are being attended to urgently.”
The minister said government had reached an agreement with the marketers union on the N185 billion balances of their payment.
She noted that as part of this agreement, it would pay the costs they incurred, their fees and interest and forex differentials.
She added that the Debt Management Office had issued Sovereign Debt Notes to cover N100 billion out of the N185 billion agreed upon as balance for the next payments.
“The Central Bank of Nigeria has also given approvals for the banks to issue letters of credit,” she said.
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