Petroleum
products marketers may soon stop fuel importation, raising the
prospects of another scarcity as unpaid subsidy arrears hits about
N170bn.
The unpaid subsidies have piled up due to stringent verification process after a legislative audit last year uncovered a widespread fraud in the fuel subsidy regime.
A breakdown of the current figures showed that while subsidy arrears to be paid to major marketers, including Total Nigeria Limited, Oando Nigeria Plc, Mobil Oil Nigeria Plc and Conoil Nigeria Plc amounted to N100bn, that of independent marketers amounted to N70bn.
The unpaid subsidies have piled up due to stringent verification process after a legislative audit last year uncovered a widespread fraud in the fuel subsidy regime.
A breakdown of the current figures showed that while subsidy arrears to be paid to major marketers, including Total Nigeria Limited, Oando Nigeria Plc, Mobil Oil Nigeria Plc and Conoil Nigeria Plc amounted to N100bn, that of independent marketers amounted to N70bn.
