Nigeria’s government owes the nation’s oil marketers, importers and storage companies more than 200 billion naira ($1 billion) in subsidy payments, according to an industry body.
The members of the Major Oil Marketers Association of Nigeria, which include Total SA, Oando Plc, Forte Oil Plc and Exxon Mobil Corp.’s local unit, are owed about 40 percent of that amount as of the end of March, with more costs incurred since then, Thomas Olawore, the body’s executive secretary, said on Tuesday.
A “recent meeting” with Finance Minister Ngozi Okonjo-Iweala “was not conclusive,” Olawore said in an interview in the commercial capital, Lagos. “Something must be done” about the outstanding amount following the government’s payment of 154 billion naira last month, he said.
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Source: Bloomberg
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