For the whole of 2013, 2014 and the first two months this year, a total amount of N1.43tn was recorded as the total petrol subsidy claims from oil marketers.
Out of this amount, the Federal Government is said to be owing marketers a total of N264bn. N164bn of this amount is the actual subsidy covering part of 2014 and the first two months of 2015.
The remaining N100bn, according to the Major Oil Marketers Association of Nigeria, comprised accumulated interest on loans obtained by marketers from banks for petrol imports, and foreign exchange differentials occasioned by the devaluated naira.
Agitations by marketers last month had made the Federal Government agree to pay marketers a total of N264bn as subsidy arrears for the periods under review in March (this month).


















