Business & Finance

FG Clears N48.2b Subsidy Outstanding Debt

The minister of finance, Mrs Kemi Adeosun, yesterday said the federal government had paid the N48.2 billion outstanding subsidy arrears owed oil marketers in 2015.

The payment, she explained, was made to enable the oil marketers to import petroleum products and meet up their other financial needs.

Adeosun revealed this through the ministry’s director of information, Mr Salisu Dambatta, in Abuja yesterday.

She said: “The gross total outstanding subsidy claims accruable to the oil marketers for 2015 stood at N48.2 billion, while deductable tax liabilities payable to the Federal Inland Revenue Service (FIRS) stood at N5.2 billion only.”

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Adeosun also stated that she had directed the Debt Management Office (DMO) to pay the claims minus the tax liability of N5.2 billion, which was computed by the FIRSs.

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