The Federal Government on Wednesday approved the immediate payment of N407bn owed to fuel importers under the subsidy scheme.
Disclosing this on Wednesday, spokesperson of the Ministry of Finance, Marshall Gundu said the Minister of Finance, Kemi Adeosun, has approved the payment of N407 billion for “subsidy claims to oil marketers.”
Gundu added, “The president has directed that payments be made immediately in order to bring to a quick end the lingering fuel crisis.”
Fears of a fuel scarcity prompted Nigerians to resort to panic-buying in the last few weeks, forming long queues at petrol stations in major cities.
It was learnt that part of the money to be paid to importers dates back to 2014 and this is the first significant payment since Buhari took over leadership in May.
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