Osinbajo directs Adeosun to make payment of $2bn outstanding subsidy claims

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Acting President Yemi Osinbajo has directed the Minister of Finance, Mrs. Kemi Adeosun to pay oil marketers all outstanding subsidy claims, which the marketers estimated at about $2 billion, THISDAY reports.

It had been reported that the capacity of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) to import petroleum products had been impaired due to the huge unpaid subsidy claims and mature letters of credit (LCs) arising from the old subsidy regime.

As a result, the acting president, it was learnt, recently summoned a meeting with oil marketers, in which Adeosun, Petroleum Minister, Ibe Kachikwu and the Central Bank Governor, Mr. Godwin Emefiele, were in attendance. At the end of the meeting, Osinbajo was said to have directed the finance minister to, within two weeks, resolve the problem of the outstanding subsidy claims owed marketers.