Nigerians maybe in for another period of extended fuel scarcity following the seven-day ultimatum given to the Federal government to settle the N800 billion debts by oil marketers.
The oil marketers said that all depots in the country would cease operation if their demands are not met.
The marketers, comprises Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPI).
Confirming the seven-day notice, Patrick Etim, legal adviser to IPPI, told NAN that banks have taken over investments and assets of oil marketers over unpaid debts.
According to Etim, marketers have no choice than to ask their workers to stay at home over unpaid salary arrears due to huge subsidy debts owed by the government.
“The only way to salvage the situation is for government to pay the oil marketers the outstanding debts through cash option instead of promissory note being proposed,” he said.
“As I speak, nothing has been done several months after assurances received by government saying it would pay off the outstanding debts.
“The oil marketers have requested that forex differential and interest component of government’s indebtedness to marketers be calculated up to December 2018 and be paid within next seven days from the date of the letter sent to the government.”
Etim said several thousand jobs were on the line in the industry, as oil marketers began cut-down of their workforce due to inability to pay salaries.
“At the inception of the current administration, marketers engaged the government with the view to secure approval for all outstanding subsidy-induced debts handed over to the current administration,’’ he said.
Etim said the current administration paid part of the debts with a substantial portion of the subsidy interest and foreign exchange differential still pending.