Fuel Scarcity: Nigerian govt. to pay $30bn exchange rate differentials to marketers

The Minister of Finance, Ngozi Okonjo-Iweala, said on Wednesday that the Federal Government had agreed to pay 30 billion dollars foreign exchange differentials owed to oil marketers.

Ms. Okonjo-Iweala made this known on Wednesday in Abuja while briefing journalists after a meeting with the Central Bank, Petroleum Products Pricing Regulatory Agency, major oil markers and depot owners.

“The Federal Government has addressed all contentious issues with the marketers, such as the issue of the foreign exchange rate differentials.

“The Federal Government has agreed to pay the 30 billion dollars exchange rate differentials owed the marketers over the last couple of months.

“It is already in the process of offsetting the N185 billion debts owed the marketers with the issuance of the Sovereign Debt Note (SDN),” she said.

Ms. Okonjo-Iweala added that the Federal Government had been talking with the marketers within the last 10 days.

She added that the President wanted Nigerians to know that government was working on the situation and would resolve the issue in the shortest possible time.

Ms. Okonjo-Iweala urged the marketers to be patriotic in their dealings with the government as the issue affected all and sundry.

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