Yesterday, residents of the Federal Capital Territory (FCT) groaned as there were reportedly long queues in the state due to petrol scarcity.
The alleged indebtedness of the Federal Government has crippled the marketers’ effective procurement and distribution capacity, it was learned last night.
According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), the government was owing more than N100 billion in overdue bridging payments.
They alleged that the N100 billion debt due on procured petrol by the defunct Petroleum Equalisation Fund (PEF), now Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has not been paid despite persistent demand.
According to IPMAN’s National Vice President Alhaji Abubakar Maigandi, the unpaid debts have resulted in cash constraint, which he said was hampering members’ capacity to procure more products.
He said:
“the petrol scarcity has just started and it will continue”.
He lamented that for over 12 months, PEF (now NMDPRA) has not paid any money to the marketers.
He continued:
“It means the scarcity has started because the PEF is not paying. For 12 months there has been no payment.
“Marketers cannot lift the product because there is no money. The PEF is owing over N100 billion, that is outstanding.
“The marketers are in a serious dilemma now as there is no money to purchase the product since the money is already in the custody of PEF.”
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