The Nigerian Senate on Thursday urged the Federal Government to direct all concerned agencies to pay the subsidy arrears as approved by the Federal Executive Council, FEC, and passed by the National Assembly within two weeks.
The upper chamber also asked the oil marketers to rescind their 7-day ultimatum for government to look into their demand in line with all outstanding liabilities and put an end to all subsidy claims.
It would be recalled that oil marketers had last Sunday gave the Federal Government seven-day ultimatum to settle outstanding debts totalling N800 billion, failing which depots would cease operation across the country.
And the lingering delay in the payment of the arrears have increased the debt from about N249 billion to one trillion naira between June 2017 to date and would continue to increase due to bank interest charges and forex.
But the resolutions of the upper chamber followed an adopted motion, entitled ‘Urgent Need to avert looming crisis in fuel supply due to non-payment of approved subsidy arrears to oil marketers’ sponsored by senator Kabir Garba Marafa representing Zamfara Central with other twenty-six senators as co-sponsors.