Oil Marketers Get N74 Billion From FG on Bridging Claims

• The Nigerian government has said it paid out about N74 billion to oil marketers in bridging claims
• The government said it paid the money through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMPDR)
• This comes as the Suleija branch of IPMAN claimed that the recently fuel scarcity was caused by non-payment of the bridging claims

The Nigerian government said on Wednesday, June 29, 2022, that it has paid N74 billion as bridging claims to oil marketers for the movement of petroleum products across the country in seven months.

The federal government stated this as it was reacting to accusations by the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Suleija Branch which said that the recent scarcity of petrol in parts of Nigeria was due to lack of payment of bridging claims the marketers.

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Marketers and federal government agree on bridging claims

Punch reports that the Nigerian Midstream and Downstream Petroleum Regulatory Authority said in a statement that the government held a meeting with marketers on the issue of bridging claims.

According to the statement, the authority of the chief executive held a meeting on May 17, 2022, with oil marketers and discussed bridging payment at length and processes were explained and accepted by IPMAN.

The agency reassured marketers that the government will continue to make payments and outstanding claims in order to promote cohesive operations.

Breakdown of payments

In giving the breakdown of funds paid to marketers, NMDPRA said that the Major Oil Marketers Association of Nigeria got N9,958,777, 487.24, IPMAN members got N42,302,923,616.96, and NNPC stations received over N6 billion.

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Legit.ng reports that on Monday, the Nigerian National Petroleum Corporation (NNPC) revealed it failed to remit monies to the federation account in May 2022 despite making N470.61 billion.

This is the fifth straight months, NNPC has failed to add a kobo to the federal account while announcing a whopping N1.89 trillion revenue, N238.137 billion more than earlier projected revenue.

NNPC deficit payment to the federation account is now a whopping N704 billion, which is giving serious headache to states.

Source: Legit.ng