Oil marketers threaten mass sack n720b subsidy arrears

It seems like there's a developing story in Nigeria!

According to reports, oil marketers in Nigeria have threatened to sack thousands of workers if the government fails to pay the outstanding subsidy arrears of N720 billion.

Here's a brief summary of the situation:

• The oil marketers, who are responsible for importing petroleum products into the country, have been owed the subsidy arrears since 2016.
• The marketers claim that the government has failed to pay them for the difference between the actual cost of importing fuel and the regulated price at which it is sold to consumers.
• The outstanding debt has accumulated to N720 billion, which the marketers say is unsustainable for them to continue operating.
• In response, the marketers have threatened to lay off thousands of workers if the government does not pay the arrears.

This development could have significant implications for the Nigerian economy, as the oil marketing industry is a major employer and contributor to the country's GDP. If the marketers follow through on their threat, it could lead to widespread job losses and economic instability.

The government, on the other hand, has been accused of not doing enough to address the issue, with some critics arguing that the subsidy regime is unsustainable and should be abolished.

It will be interesting to see how this situation unfolds and what steps the government takes to address the outstanding debt and prevent mass sackings in the oil marketing industry.