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Nigeria will pay $2.1 billion subsidy to oil importers

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/11/2015 (11:04)
According to market sources, Nigeria’s state-owned Nigerian National Petroleum Corporation (NNPC) reported that the government has approved a payment of NGN413 billion ($2.1 billion) to oil marketers for fuel subsidy debts in order to reimburse oil importers. The government had last announced a payment to oil marketers in July. Nigeria provides subsidies to fuel importers as the country imports most of its daily needs for fuel thanks to an underdeveloped refining sector.

In the April-May period, Nigerian fuel importers curtailed their activities in a bid to press the government to pay their outstanding debts.
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