Senate approves n348bn subsidy payment to oil marketers

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The Nigerian Senate has approved the payment of N348 billion as subsidy to oil marketers. This decision was made after a motion was moved by the Senate Committee on Petroleum (Downstream) to approve the payment.

The subsidy payment is intended to settle outstanding debts owed to oil marketers by the Federal Government. The debt has been pending for several years, and the approval is seen as a relief to the marketers who have been struggling to operate due to the unpaid debts.

The Senate's approval is a significant development, as it brings an end to the long-standing dispute between the government and oil marketers. The payment is expected to boost the economy and improve the overall performance of the downstream sector.

It's worth noting that the approval of the subsidy payment has been met with mixed reactions from various stakeholders. While some have welcomed the decision, others have expressed concerns about the impact it may have on the country's economy and the potential for corruption.

Overall, the approval of the subsidy payment is a significant development in the Nigerian oil and gas sector, and it remains to be seen how it will impact the industry and the economy in the long run.