Following payment of a total of N48.2 billion as arrears of outstanding 2015 subsidy claims to oil marketers, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has asked the government to make available foreign exchange so they can import fuel.
The marketers made their request in a meeting which was chaired by the Minister of Finance, Kemi Adeosun, in Abuja and was attended by Chief Executive Officers of about 44 oil companies in Nigeria.
The marketers said, while they appreciated the release of funds by the Federal Government, the government should instructs the Central Bank of Nigeria to make available foreign exchange to them lest the funds remitted to them would remain idle in their accounts.
This is as a result of the difficulty of getting foreign exchange from secondary sources.
The Chairman of DAPPMAN, Mr Dapo Abiodun, told the minister that members of the association were currently having a tough time converting some of the Naira payments made by the government to dollars.
He said their inability to convert these payments from the Federal Government from Naira to dollar was making it difficult for them to meet their obligations to their foreign partners.
The Minister of Finance, Mrs Kemi Adeosun, said the payment recently released by the government to the oil marketers was one of the liabilities inherited by the current administration.
She said the government would continue to do what it could to ensure availability of petroleum products in the county.
She expressed optimism that the reforms currently being implemented in the oil sector would restore confidence in the market