The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said it has paid a total sum of N74 billion to oil marketers for bridging claims and freight differentials as at June 6, 2022, debunked the allegations made by Independent Petroleum Marketers Association Nigeria (IPMAN Suleja Branch) on product scarcity as a result of non payment of bridging claims.
The Authority in a statement, explained that 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.
A 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 N12,303,195,651.57, these translate to a total of N73,969,892,941.84.
It noted that the Authority Chief Executive of the NMDPRA at a meeting held on 17th May 2022 with IPMAN, bridging payment was discussed extensively, and the processes explained and agreed upon by IPMAN.
He assured IPMAN of NMDPRA’s willingness to continue making payment of outstanding claims to promote seamless operations. Pursuant to the meeting, the NMDPRA went ahead to make additional payment of N10bn in June and sought for an upward review of the freight rate which was approved by President Muhammadu Buhari and is currently being implemented.
“The Authority wishes to reiterate that bridging payment is an ongoing process which is carried out after due verification exercise by the Authority and Marketers”
“It is disheartening that despite these payments and increase of N10 bridging cost, which was approved by President Muhammadu Buhari two weeks ago, IPMAN could turn around to accuse the NMDPRA of insensitivity. The NMDPRA remains committed to ensuring a safe, efficient, and effective conduct of Midstream & Downstream petroleum operations”, it stated