N800bn debt: Senate reacts to oil marketers’ 7-day ultimatum, issues warning

Filed in Local News by on December 7, 2018 0 Comments

– The Senate has resolved to wade into the N800b debt crisis between the federal government and the Nigerian oil marketers

– In a motion led by Senator Kabiru Marafa and 26 other senators, the upper chamber noted the impacts of the oil marketers nationwide

– It also mandated the Ministry of Finance and the department of debt management to pay the debts to avert possible crisis

The Nigerian Senate, in its bid to douse the tension arising from the N800 billion oil debt, which has pitched the federal government against the oil marketers, has resolved to seek settlement alternative to avert possible crisis.

In a report available in The Guardian, the upper chamber, during its plenary on Thursday, November 7, 2018, warned the federal government to defray the subsidy arrears passed by the National Assembly within two weeks.

Senate also appealed to the oil marketers to reverse its seven-day ultimatum and its threat to hoard oil in the yuletide session.

Recall that Legit.ng earlier reported that the oil marketers in Nigeria, on Sunday, December 2, had given a seven-day ultimatum to the government to settle its N800 billion debts or cease operation nationwide.

READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda

But in a motion raised by Senator Kabiru Marafa on Thursday, and sponsored by 26 senators, Senate resolved to wade into the debt matter.

Senator Marafa (Zamfara Central), speaking during the plenary noted the impacts of the oil marketers in the production of oil service for Nigerians.

The Senator also lamented the massiveness of the debts, which he said federal government has been owing since 2006, adding that some people are sabotaging the effort of the government.

In his lead motion, the senator similarly called on President Buhari to work towards the settling the debts since president had requested that the National Assembly approve “the establishment of a promissory note programme and a bond issuance.”

He also faulted the mode of payment reportedly being proposed by the Debt Management Office (DMO), urging the Ministry of Finance and DMO to look into the matters pronto.

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Meanwhile, Legit.ng previously reported that a financial expert, Tony Edeh, had urged the federal government to resolve issues with oil marketers to ensure availability of fuel during the yuletide.

Edeh, the managing director of Norrenberger Financial Group, gave the advice in Abuja on Tuesday, December 4.

Norrenberger is an integrated financial services group that operating a customer-focused business model and offering clients a comprehensive range of financial products and services.

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Source: Legit.ng

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