CBN: Zero interest for N800b oil subsidy debt – Deposit money banks (DMBs) will not charge interest on loans linked to petrol subsidy taken by oil marketers between June 2017 and December 2018.
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) Executive Secretary, Olufemi Adewole, confirmed this development yesterday.
He said the information was from Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
“The CBN governor has said banks will not charge interest for loans linked to subsidy debt from June 2017 to December 2018,” he said.
In December, the Federal Government announced that it had reached an agreement with oil marketers to pay the first tranche of subsidy debts through promissory notes.
DAPPMAN had rejected the use of promissory notes insisting that it wanted the debt paid in cash.
It said: “Unfortunately based on the Federal Government, failed promises to address the sovereign debt which was then less than N350 billion, it has grown to over N800 billion and still Federal has yet to pay.
“We emphasise that Federal Government’s proposed payment of promissory notes is not acceptable to DAPPMAN. We want our money paid in cash.”
On December 9, DAPPMAN had announced that it would shut loading operations but it rescinded and gave the Federal Government more time to pay the debt.