FG’s indebtedness to oil marketers now N470bn

By  Clara Nwachukwu & Ediri Ejoh
THE Federal Government’s outstanding indebtedness to oil marketers has risen to N470 billion, arising from a backlog of unpaid subsidy claims since August 1, 2014 till date.
Subsidy-Incorporated
This is even as the marketers say they require in excess of $2 billion dollars to pay off their foreign suppliers, otherwise they will not be able to continue to import more petroleum products into the country.
Marketers, who spoke to Vanguard in confidence yesterday, lamented that government has not been able to fulfil its promise to offset all outstanding marketers’ claims between October and second week in November. This is just as the promise by the Central Bank of Nigeria, CBN, to assist marketers in accessing dollars to pay off their foreign suppliers has also not yielded fruit.
One of the marketers said: “We had another meeting with the Vice President (Yemi Osinbajo) two weeks ago and he promised that they would pay us. Right now I can tell you that no marketer has any money or line of credit to import even one litre of fuel.
“The last time any marketer was paid


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