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Nigeria’s Fuel Crisis Nears An End As Gov’t Issues Debt Notes

Nigeria’s Fuel Crisis Nears An End As Gov’t Issues Debt Notes

“We are discharging from our own end and we are also having NNPC (Nigerian National Petroleum Corporation),” Obafemi Olawore, executive secretary of the Major Oil Marketers Association of Nigeria said in a CCTV Africa report.

“We want you to help us assure the Nigerian public that yes there was some tightness, but the tougher days are over,” he told government officials at a recent meeting.

According to the report, oil marketers put a hold on importation to Nigeria as the government reached an outstanding subsidy limit. Nigeria’s finance ministry says that the country owes $185 billion and will issue sovereign debt notes to provide $100 billion to oil marketers right away. Central Bank officials say that they are confident that banks will provide payments to the marketers — and if not the Central Bank will appeal to expedite the oil importation process.