Nigerians, Fuel Scarcity May Last Longer Than Expected

Nigerians may need to hold on longer than expected and brace up for more hard times, as indications emerged yesterday that fuel scarcity may persist till June, after the incoming administration may have been sworn in on May 29,2015. Although, the Federal Government recently paid the marketers about N154 billion as part of the subsidy claims, reliable industry sources said yesterday, that the marketers are now shying away from importing products due to uncertainties surrounding the payment of their outstanding N200 billion. However,the Federal Government yesterday disclosed its plans to conduct the first comprehensive survey to determine actual volume of crude oil, gas, among other petroleum products produced, consumed or exported out of the country. Statistician-General of the Federation, Dr. Yemi Kale stated this in Abuja yesterday during a one-day stakeholders meeting of survey on gas and petroleum product demand, supply and utilization. The source confirmed that most marketers were only selling products that they could easily manage and not allow a situation where they will go into liquidation in case the unexpected happens. He added that traders are making offers offshore Lagos, but the marketers are resisting the offer and those traders are going back with their vessels. It is apparent that the Federal Government may have technically transferred the burden of fuel subsidy to the incoming administration. The payments are post-dated till after May 29 handing over, while the balance is expected to be managed by the new regime. Meanwhile, the Minister of Finance, Ngozi Okonjo-Iweala denied reports that there was no provision for the subsidy in the 2015 budget. She also kicked against the figure and held a reconciliation meeting to resolve the differences. The President, National Union Petroleum and Natural Gas Workers (NUPENG), Tokunboh Korodo also said, “We did not embark on strike. It is the major and independent marketers that shut their depots from tanker drivers due to their subsidy outstanding. But the queue you are seeing now is because it is not all of them that have fuel, while the only few that have need to cater for the entire nation and that is why you see tankers coming from different parts of the country to Lagos to lift fuel”