The Nigerian Government has on Thursday revealed that it had paid N156 billion debt to oil marketers in line with its commitment to prioritise payments in spite of revenue constraints.
In a statement by by Paul Nwabuikwu, the Special Adviser to the Coordinating Minister and Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Thursday in Abuja.
The statement said “I owe you”, given in March, and interest on payment.
“The first consists of the cash backing of the N100 billion IOU which the marketers were given in March. The second is N56 billion in interest payments for the marketers according to the PPPRA template.
“This leaves a balance of N98 billion certified by PPPRA as the amount owed the markers.”
It explained that the N156 billion was the latest in a series of significant payments made to the oil marketers within the last five months.
It noted that these included over N300 billion in two instalments in December last year and N31 billion in interest differentials recently.
It stated that in all, oil marketers had received over N500 billion within the past five months.