Federal government owes Forte oil, others N300 billion for fuel imports ~ Zeniths Blog

Federal government owes Forte oil, others N300 billion for fuel imports

– Forte Oil Nigeria boss, Akin Akinfemiwa has said the federal government is yet to pay over N300 billion subsidy claims of major oil marketers for fuel imports

– Akinfemiwa however said steps are being taken to settle the subsidy arrears by the federal government

Akin Akinfemiwa, the group chief executive officer of Forte Oil told has said the federal government is yet to pay over N300 billion subsidy claims of major oil marketers for fuel imports between 2014 – 2015.

Akinfemiwa said this on Thursday, February 23, while addressing representatives of Abdullahi Mahmud Gaya-led ad hoc committee investigating debts owed to the Petroleum Pipeline Marketing Company (PPMC) by oil marketers.

The cable reports that Akinfemiwa said his company owes N5.9 billion to the PPMC but was also being owed N13.8 billion in subsidy claims.

Federal government still owes N300 billion subsidy claims of major oil marketers – Akinfemiwa

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He however informed the committee that steps are being taken to settle the subsidy arrears by the federal government.

He said: “So far, the government,

led by the Chief of Staff to the President invited us to a meeting with other stakeholders to address two issues. One was to continue petrol supply, and two was for Federal Government to pay its debts. For the debts, a committee was set up to settle them.

“The total stands at over N300 billion. Right now, we cannot even do much, but we do not want a situation where there will be queues in the country.”

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Meanwhile, a Federal High Court in Ikeja has found Mrs Ada Ugo-Ngali who is the managing director of Ontario Oil and Gas Ltd guilty of fuel subsidy scam.

Mrs Ugo-Ngali was sentenced to 10 years imprisonment on Thursday, January 26 after being pronounced guilty of N1.9bn oil subsidy fraud and ordered to pay back N745 million to the federal government.