Minister of Finance, Dr. Ngozi Okonjo-Iweala
The Federal Government on Wednesday
assured Nigerians that the current petrol scarcity being experienced in
many parts of the country would be over before the end of the week.
The Minister of Finance, Dr. Ngozi
Okonjo-Iweala, stated this shortly after meeting with members of the
Major Oil Marketers Association of Nigeria.
The meeting, held at the headquarters of
the Federal Ministry of Finance in Abuja, was also attended by the
Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele,
representatives of the Petroleum Products Pricing Regulatory Agency and
depot owners.
The minister said all the contentious
issues with the marketers such as the foreign exchange rate
differentials and payment of subsidy arrears had been addressed by the
Federal Government.
She said while the details of the payment
of the exchange rate differentials had been agreed, the government was
already in the process of offsetting the N185bn debt owed the marketers
with the issuance of the Sovereign Debt Note.
Okonjo-Iweala said, “In the next few
days, the queues will dissipate; the situation will be addressed and
everything will return to normal.
“At the Federal Executive Council meeting
today, the issue was discussed in terms of pushing forward and making
sure that things get back to normal.”
She said while briefing State House
correspondents after the weekly Federal Executive Council meeting that
after proper briefings on the causes of the current scarcity of petrol
and solutions, President Goodluck Jonathan gave specific instructions on
how to deal with the matter because he wanted prompt and quick action
to improve the situation as fast as possible.
She insisted that the scarcity was caused by a number of factors, including the depreciation of the naira.
Okonjo-Iweala said, “We discussed that
(fuel scarcity) at the FEC because Mr. President wanted prompt and quick
action to improve the situation as fast as possible. So, after the
briefing and discussion on both the financial and physical side, what
emanated is that this situation we hope will soon be resolved, because
on the financial side, action has been taken and it is being implemented
through the Ministry of Finance and the governor of the CBN.
“Let it be known that in December, we
paid N320.2bn to marketers to settle their claims. We have now approved
through the Petroleum Products Pricing and Regulatory Agency about
N185bn to be paid to the marketers through sovereign debt notes, which
is tantamount to having government guarantee that they will be paid.
“But the long and short of the matter is
that the financial issue has been taken care of. The physical quantity
is being loaded to be brought to Abuja and Lagos and other cities that
are suffering so that hopefully tomorrow (Thursday) or next (Friday), we
should begin to see these queues reduce as supplies arrive up to
Saturday; we hope that Abuja will be cleared.
“So, the summary is that the FEC is
concerned about the matter and discussed it; and beyond discussing it,
the President gave instruction on how to deal with it so that physical
quantities will be available and the queues will diminish so that by the
end of the week, we will have a situation that is clarified.”
Emefiele, who also spoke with journalists
after the meeting with the marketers, said the CBN had met with banks
and oil marketers to resolve all the contending issues associated with
credit facilities.
He stated that in the past one week, over
$500m Letters of Credit had been opened by Deposit Money Banks on
behalf of the marketers.
The governor called on marketers who were
experiencing delays in getting their Letters of Credit to alert the
CBN, promising to step in and ensure that the issue was resolved
amicably.
Speaking on behalf of the oil marketers,
the Executive Secretary, MOMAN, Mr. Obafemi Olawore, stated that the
queues of desperate motorists at filling stations would ease off in the
next few days, noting that the marketers had already moved 495
truckloads of fuel to Lagos, Abuja and environs.
He said, “On Monday, the major marketers
moved 132 truckloads of fuel to Lagos, while 87 truckloads were moved to
Abuja, and this is exclusive to the quantity moved by the NNPC,
independent marketers and other marketers.
“On Tuesday, 137 trucks were moved to
Lagos, while 139 trucks were moved to Abuja. You can see that the amount
we moved to Abuja was far more than the quantity we moved on Monday. It
normally takes between three and four days to transport fuel from Lagos
to Abuja; hence we believe the queues will ease off by the weekend,
latest.”
“Our actions are deliberate to ensure
that the queues vanish and normalcy returns. I want to tell Nigerians
that tougher days are over; normalcy is expected to return pretty soon.”
Olawore denied speculations in some
quarters that the marketers were being sponsored by opposition parties
to discredit the government, noting that the association was apolitical
in its dealings with the government.
Meanwhile, the Department of Petroleum
Resources has in the last one week shut 26 filling stations in Benue and
Nasarawa states for selling petrol above the regulated pump price of
N87 per litre, while also applying sanctions on other errant marketers.
The DPR Controller in charge of the two
states, Abdullahi Isa, said this while speaking with journalists in his
office in Makurdi on Wednesday.
Isa lamented that instead of getting about 20 trucks daily, Benue was now getting just four.
He warned that any filling station that
failed to sell the product at the approved pump price and also indulged
in other sharp practices such as hoarding would be sanctioned.
In Abuja, the scarcity of the product led
to a fight among motorists who were on a queue at the Total filling
station on Arab Road in Kubwa, a suburb settlement.
Trouble started around 2.30pm when the
owner of a white Toyota Corolla car jumped the queue and made straight
for the gate of the station.
His action outrage the hundreds of motorists on the queue, many of whom claimed to have spent over eight hours on the queue.