April 12, 2024
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OIL & GAS

We’ve paid N74 billion to marketers in 7 months – NMDPRA

The Nigerian Midstream as Downstream Petroleum Regulatory Authority (NMDPRA) said that it has paid N71,233,712.991 in the last 7 months in bridging claims.

This revelation was made in a statement necessitated by allegations by Independent Petroleum Marketers Association of Nigeria (IPMAN) – Suleja Branch on non-payment of accrued claims leading to PMS scarcity.

NMDPRA said “so far, the Authority paid N71,233,712.991 bridging claims and another N2,736,179,950.84 freight differentials to the marketers as at 6th June, 2022.”

Furthermore,  “the breakdown of payment made to marketers is as follows: Major Marketers (MOMAN) received N9,958,777,487.24, IPMAN members were paid N42,301,923,616.96, NNPC retails N6,661,459,118.61 while DAPPMAN members were paid N12,303195,651.57, these translates to a total of N73,969,892,941.84″ it said.

The Authority then expressed it displeasure that ” despite these payments and an increase of N10 bridging cost, which was approved by President Muhammadu Buhari two weeks ago, IPMAN could turn around to accuse NMDPRA of insensitivity “.

Energy Afrique after series of indept investigation and analysis, also noticed that, the bridging claims is an unsustainable intervention mainly because the rich are the main beneficiaries and also that it is being abused by these marketers to export subsidized product to neighbouring countries and in return, make claims for bridging. Nigeria must have full control of its boarders to stick to this idea or better still, start refining locally and maintain global market rates with provision of critical  infrastructure for its citizens as compensation in place of subsidy or bridging.

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