Finance minister, Kemi Adeosun, has confirmed the payment of N407.07 billion for subsidy claims to oil marketers to end the lingering fuel situation in the country.
Adeosun said President Muhammadu Buhari had directed that payments be made immediately in order to bring to a quick end to the lingering fuel crisis which has caused great suffering to Nigerian families and businesses.
She also said that despite dwindling revenues, the Federal government is committed to ensuring continuous availability of fuel to Nigerians.
The payments include arrears from the 2014 financial year as well as payments for the current year.
It is expected that the recipients would ensure adequate supply of fuel to end the persistent fuel shortage in the nation.
The Minister implored the major oil marketers to reciprocate the action by doing all they can to bring the fuel scarcity to an end and promised to publish the approved payments under the subsidy scheme in the national dailies.