N500bn bridging claims: N58bn has been disbursed to oil marketers — FG replies IPMAN
…Says N34bn was directly disbursed to members IPMAN
By Uthman Salami
The Federal Government says N58 billion has been paid as bridging claims to oil marketers, noting that over N34 billion out of which had been disbursed directly to the Independent Oil Marketers of Nigeria (IPMAN).
This was in response to claims by the Independent Petroleum Marketers Association of Nigeria that bridging claims of N500 billion could lead to a fuel crisis.
According to a statement signed by the Corporate Communications of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) last week, the amount disbursed so far is the highest-paid within a 6-months span by previous fund administrators.
The NMDPRA stated that it was concerned about issues raised by some oil marketers over outstanding bridging claims.
It added that the administration of bridging claims payment is a continuous process as hundreds of trucks load and discharge products daily thereby adding to claims.
“Since December 2021, the NMDPRA has made several payments to marketers whose claims have been verified.
“So far, over N58 billion has been disbursed to oil marketers out of which N34 billion went directly to members of the IPMAN”
It added that this is the highest ever amount paid within a 6-months span by previous fund administrators and that the reimbursement of marketer’s transportation differentials for petroleum product movement from depots to sales is a priority to the NMDPRA.
It added that Freight Rates were recently reviewed upwards to reflect current market realities and stimulate investments in Nigeria’s transportation of petroleum products to ensure uninterrupted distribution.
“It is pertinent to note that some of the pending payments is due to the reluctance of marketers to reconcile their claims, in spite of the Authority’s continuous appeal to come for reconciliation whenever there are discrepancies.
“We wish to state that the Authority remains committed to honour and process legitimate and verified bridging claims to ensure product availability nationwide,” it added.
The NMDPRA stated that pending payment is due to the reluctance of marketers to reconcile their claims.
Earlier, Nigerian NewsDirect had reported earlier that Nigeria’s Independent Petroleum Marketers Association of Nigeria (IPMAN) warned that the refusal of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to pay its members their bridging claims of N500 billion could lead to a fuel crisis.
They warned that if the FG did not intervene, there would be a serious fuel crisis in the country as the situation has resulted in only 5% of marketers still remaining in the business.
