Home Forex Oil marketers want payment of $800m (£605.21m) forex differentials

Oil marketers want payment of $800m (£605.21m) forex differentials

by Jonathan Adams
China’s Capital Markets

As banks and other lenders have begun a recovery programme to recoup loans and debt from the downstream sector of the oil industry, the Major Oil Marketers Association of Nigeria (MOMAN) has appealed to the Federal Government to ensure payment of two years accumulated claims on interest and foreign exchange differentials of over $800m (£605.21m) to allow for free flow of Premium Motor Spirit in Nigeria (PMS) in the country.

Besides, the current PMS monthly data from the National Bureau of Statistics (NBS), showed that average price of petrol has been sustained at price adjusted by the Federal Government.

The Executive Secretary, MOMAN, Femi Olawore, who confirmed the outstanding debt on the side line of the just concluded yearly conference of Association of Energy Correspondent of Nigeria (NAEC), said that part of the debts and loans they owe banks were still with the government in form of foreign exchange differential and taxes on subsidy debts of 2014 and 2015, and has remained unpaid by the Federal Government.

Olawore added that the government needs to pay the debts to help importers fulfil their debt obligations to banks and other lenders.

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