PEF to pay independent petroleum marketers N1.9 bn

Ayodele Adesanmi, Abuja - 12.03.2008

The Executive Secretary of the Petroleum Equalisation Fund Management Board, Mrs. Adefunke Sharon Kasali, on Tuesday in Abuja said that N1. 9 billion has been processed for payment to about 500 independent petroleum marketers across the country as bridging claims by Monday next week.

Independent Petroleum Marketer Association of Nigeria (IPMAN) recently threatened to withdraw its services over the non- payment of bridging claims from the Petroleum Equalisation Fund (PEF)

In response to the threat, Mrs. Kasali said about N2 billion was released on Monday for the purpose, noting that all payments would be paid very soon, but it would be done electronically.

Kasali, who spoke at a meeting convened to deliberate on the payment of some outstanding claims in her office, noted that one of the challenges facing the agency was the funding for the bridging allowance.

She said the allowance was N2.00 per liter and added that it was barely enough to cover 20 per cent of the funds requited.

She disclosed that electronic payment system had removed all bottlenecks which had in the past militated against the smooth operation of the fund, especially in making payments to marketers and enjoined critics of the new system to have a rethink because according to her, the e-payment system had come to stay.

The executive secretary however agreed that there were inherent challenges in reforming any system, as she was optimistic that the new system was tamper proof, devoid of enormous paper work and in tandem with the present realities.