NewStats: 3,265,337 , 8,186,431 topics. Date: Saturday, 14 June 2025 at 02:06 PM 2q6j5a

The federal government appears fed up with the claims of oil marketers as it has denied owning the group N200 billion.

Coordinating Minister for the Economy and Minister of finance, Dr. Ngozi Okonjo- Iweala who disputed the debt figure said what the oil marketers are owed is about N131 billion based on Petroleum Pricing Products Regulatory Agency’s (PPRA) template.

The minister attributed the current fuel scarcity to the activities of a group of cartel determined to hold nation to ransom. She expressed surprise at the attitude of the marketers saying that “they were more liberal in times past even when their outstanding was in the region of N2.3 trillion.”

According to Okonjo-Iweala, “it has become a situation where we have a cartel that can ground the nation to a halt at will.

” I strongly suggest that the nation has to do something about it. It has been very stressful for four years, trying to cope with a group that controls a very important sector of a nation and they are small enough to organize themselves.”

This, she said “means that they can hold a nation to ransom anytime they want. And that is what is happening.”

” I when I came back as finance minister on August 17th 2011, the first thing that confronted me was this scandal of subsidies. By then more that N 1 trillion had already been paid. And we went through that whole thing and since then we cleaned up, restructured and trimmed down.

“You see that the amount we have been paying year by year diminished substantially to about N971 billion a year down from the N 2.3 trillion of 2011. We brought it from N 2.3 trillion to about N 971 trillion that has been in the budget each year. So, we made very substantial restructuring and changes to the whole process that brought the amount down for the nation. But yet we have to deal with this problem and the whole country has seen us trying our best struggling,” she said.

Okonjo-Iweala noted that oil marketers are a small cartel that are into no risk business based on template negotiated with PPPRA a long time ago which factored in exchange rate differential and profit margin guarantee.

According to the finance minister, “the template that governs their business is designed to cover all their costs plus a profit margin. That is PPPRA template which I have quarrelled with for quite some. So it is really no risk business for them. Or very little risk. I am not saying there is no stress. Of course, they have stress. But the risks are all covered by the template that was negotiated with PPPRA long ago. And it is actually that template that we have been quarreling with”.

That template she added “says that they must be paid exchange rate differentials, interest rates, profit margin quarrantee plus the principal amount they spent in the business.

” Based on that, the government is taking a full risk of their business according to this template. Even when we have revenue shortfall, any interest that accrues has to be paid by government. That is what was negotiated. So, they are in a no risk business and we have been pleading with them that if that is the case at least supply Nigerians with the fuel because at the end of the day the government is still paying for all of this. Why are you making Nigerians suffer? Why these long queues?”, she queried.

On Thursday last week, Federal Ministry of finance confirmed payment of N156 billion to oil marketers and put the balance left at N98 billion. The minister explained on Sunday that the balance has increased to N131 billion based on last figure obtained from PPPRA.

http://thenationonlineng.net/new/oil-marketers-holding-nation-to-ransom-says-okonjo-iweala/

Its really sad to know that people can be really inconsiderate just because of their selfish intrests and ambitions.

though GEJ is still the president,but the emergence of Buhari as the president-elect is no doubt already having influence over our national affairs.
To an extent,the scarcity is a borne from his emergence

Meaning no solution in sight in the next few weeks. May God rescue us from these politicians who have bled our nation economy to the state of anemia.

someone lucky enough should shuush this maam already .Its the corrupt government which she is a big part of that is holding the nation to ransom,the marketers want their share of the sweet crude/cake when the FG leads by example and try to make selfless sacrifices,the marketers will try to do same,then God will eventually provide a Ram,everybody wins

Wat we need in dis country is God divine intervation. May God help us because we d poor mass re really suffering.

mars123:
someone lucky enough should shuush this maam already .Its the corrupt government which she is a big part of that is holding the nation to ransom,the marketers want their share of the sweet crude/cake when the FG leads by example and try to make selfless sacrifices,the marketers will try to do same,then God will eventually provide a Ram,everybody wins

go and shush her na....who do you think was behind d fuel subsidy protest? Oil marketters are realy bitting more than they can chew....my oga jst say u no understnd wetin she talk

Its like they have started to do Fake Orijin.The thing no deh High like before again for my area

I think we have 3 refineries, it is high time that Government repairs them and start refining our own fuel or else this kind of thing would keep happening.

God will see us through. Diaris Godu o

I lost respect 4 dis woman a long tym ago.

Get the refineries working.....all this will end!

Thank God for the oil marketers in Aba.

100 Naira per litre- No scarcity in Abia state.

I won't fall for this crap,they are only trying to forcefully make us adapt to fuel subsidy removal..Upon all the oil we have Nigerians are suffering for fuel,this country is cursed.

I would rather trust the cartel than iweala

Monopoly.

Government must infiltrate those their funny unions - from NARTO, to PENGASSAN, to NUPENG, to etc.

Infiltrating them and creating parallel superstructures will weaken their stronghold. Otherwise, a dozen refineries won't solve this recurring oppression.

Wat is d solution naw....cos #1200 for 5 liters no b beans oo

Dear finance minister, what stops you from pushing for and seing to it that we refine our crude oil in Nigeria? Is it rocket science? Keep on paying your so-called cartel.

Holding the nation to ransom is expected at this point cos subsidy payment is not included in the newly approved budget.

Those greedy oil marketers are indirectly protesting their "soon to be" imminent loss of easy money and likewise 'cashing-in' through hoarding of fuel and selling at exorbitant prices per litre.

Na so

Ah

Raymondfayowole:
Wat is d solution naw....cos #1200 for 5 liters no b beans oo

I bought N1800 today

I'm highly critical of stupiid technocrats claiming suspicious intelligence and know-how in the running of any enterprise. All of them could not foresee this happening!!! Yet, they claim they are educated...what exactly do they use their brains for??

R

jstbeinhonest:
I lost respect 4 dis woman a long tym ago.

she doesn't need or want ur respect. She is respected worldwide already,she is on the list of top 100 influential ppl in the world . 100 ppl out of almost 6billion ppl in the world speaks volumes about her achievement and progress. So better start working ur way up the ladder of success so that one day ppl will respect u. Okonjo iwella dines and sit with kings and world leaders. So bro keep ur respect in ur living room and bedroom and face ur life.

Fuel still available on jumia... delivered at your door step in no time

If our refineries are working you won't have to make this noise Madam Minister unfortunately is not part of the istration agenda which you are part of

W

Silly.

The cartels they are referring to are their cronies, and in most instances, their fronts. That is why the problem appears intractable.

Na dem dem.

I think the only way out of this is to remove completely the subsidy, the same was done for diesel, we got used to it and diesel scarcity became a thing of the past. If this incoming government can channel all that money into fixing our refineries and building more, we will be just fine.

All dese boils down to d removal of subsidy... let's wait and. see what Buhari will do abt d subsidy issue...