By Levinus Nwabughiogu ABUJA—In a bid to avert the looming scarcity of petroleum products, especially the Premium Motor Spirit, PMS, popularly called petrol, the Federal Government last night ordered the payment of the N150 billion Petroleum Equalisation Fund owed petroleum marketers.

The order followed a meeting between the Chief of Staff to the President, Mr Abba Kyari, and the stakeholders in the petroleum sector. The money is understood to be subsidy on the cost of delivery of petroleum products across the country.

Yesterday’s meeting which held behind closed doors at the Conference Room of the Chief of Staff at the Presidential Villa, Abuja was the second and concluding part of the meeting that started on Tuesday on the issue. Briefing newsmen, National Secretary of Independent Petroleum Marketers Association of Nigeria, IPMAN, Zarma Mustapha, said the approval was with immediate effect.

He said: “The meeting had nothing to do with increase in petroleum pump prices. We looked into the issue of diesel and kerosene and as a matter of fact government is tackling the issues. “The other issue is franchise, which is the petroleum equalisation fund which marketers are owed to the tune of about N150 billion and now the issue has been resolved.

The government has directed that our mony must be paid and I am assuring you that with the payment of this money, there is no cause for alarm.” “We are assuring our marketers that they should go back to their normal business as their outstanding will be paid in some few days.”

http://www.vanguardngr.com/2017/01/fg-orders-immediate-payment-n150bn-petroleum-marketers/

The more things change, the more they remain the same. It's been the same circle since the 80s.

For more than three decades, Nigeria has been unable to build new refineries, successfully privatize them or even repair them to work efficiently.

You have a budget of N6trn, then spend N2 trn of that budget to import petrol alone, just a single product. Is that not insanity.

All the monies, we have spent since 1999 on TAM, could build five new refineries or more.

Its our way, no results, just noise.

There should check my signature for a recession proofed,license regulated and audited investment and invest some of it there.