Saturday, May 21, 2016

Marketers Lament Impact of Forex Scarcity, Seek FG’s Assistance

By Ndubuisi Francis in Abuja

Fuel marketers under the aegis of Depot and Petroleum Products Marketers Association, (DAPPMA) have lamented the serious challenges posed by the scarcity of foreign exchange *forex) to their existence, and solicited the assistance of the federal government to remain afloat.

DAPPMA said that sourcing the needed forex was central to their continued existence as it would enable them settle their foreign bankers as failure would be detrimental to them.

The Chairman of DAPPMA, Mr. Dapo Abiodun, who led a team of over 46 independent marketers for an emergency meeting with the Minister of Finance, Kemi Adeosun in Abuja yesterday to explore urgent solutions to the scarcity of forex once and for all, pleaded on behalf of his members for government's intervention.

"It is our duty now to discus and dialogue with you on the possible ways we can source foreign exchange to enable us liquidate debts owed our foreign banks to remain in business, our bankers are very worried that we have to source for foreign exchange by ourselves to be able to import petroleum products into the country, we are at a very difficult situation''

Abiodun added that it was the acute shortage of foreign exchange to its members that actually triggered a protracted unavailability of fuel, which almost brought the entire nation on its knees.

The DAPPMA Chairman, who expressed gratitude to the government for the recent payment of about N48.2  billion, being part payment of money owed them, noted that that till now, his members were yet to source for foreign exchange that could make them settle their foreign bankers.

In her remarks, the Minister of Finance, Kemi Adeosun stated that the government had decided to fast track the final process for outstanding payments of fuel subsidy to all marketers, adding: ''We have set up an internal audit unit in the Ministry of Finance under my Director, Special Duties, so we are determined to re-organise the whole process to ensure where you can easily channel your transactions to  reduce all unnecessary bottlenecks associated with the previous regime.''

Adosun said the marketers should know that the present administration inherited the fuel subsidy liabilities and therefore should be collaborate with the government to ensure workable solutions are put in place.

She promised that the government would continue to work with the marketers, especially to assist them through the Central Bank of Nigeria on possible ways to raise foreign exchange needed for them to sustain their businesses.

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