Posted by From ISAAC ANUMIHE, Abuja on
The hic-cups being experienced in the supply of petroleum products across the country may soon come to an end as President Umar Musa Yar'Adua has authorized the release of N14,864,618,011.98 to the Nigerian National Petroleum Corporation (NNPC) and N21,417,166,164.09 to the Petroleum Products Pricing Regulatory Agency (PPPRA), as outstanding subsidy for petroleum products for 2007.
The hic-cups being experienced in the supply of petroleum products across the country may soon come to an end as President Umar Musa Yar'Adua has authorized the release of N14,864,618,011.98 to the Nigerian National Petroleum Corporation (NNPC) and N21,417,166,164.09 to the Petroleum Products Pricing Regulatory Agency (PPPRA), as outstanding subsidy for petroleum products for 2007.
Minister of State for Finance, Remi Babalola, yesterday confirmed that the arrears for January to March 2008 had been submitted by PPPRA for processing.
It must be recalled that the National President of Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Tunji Adeniyi, last week said the government was owing the marketers, who own 90 per cent of filling stations, over N17 billion subsidy and until the money was paid, the marketers would not be willing to lift oil to some far-flung areas from oil depots.
The subsidy is used to cushion the effect of extra expenses incurred in transporting petroleum products to all parts of the country to maintain price equilibrium.