Oil marketers have gotten N236 billion as the first tranche of the outstanding N800 billion subsidy debt owed its members.

The Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN), Olufemi Adewole, confirmed the development on Monday.

‘Yes, I can confirm to you that payment is ongoing,” he told Daily Sun. “Some of our members have started receiving the promissory note for the payment of the subsidy arrears.”

Also, the Chief Operating Officer (COO), Downstream, Nigerian National Petroleum Corporation (NNPC), Ikem Obih, confirmed the development.

“Yes, I can confirm that the promissory note has been issued; in fact, they were ready on Wednesday. The marketers got emails inviting them to come and receive them on Monday,” Obi added.

“By the end of Tuesday, they were actually ready from the Debt Management Office (DMO). We had a meeting with the CBN Governor on Thursday and they were informed officially that they should pick up the promissory notes; the Director General of DMO was there.

“Most of them were waiting for that meeting with the CBN governor; it went very well. One of the things that CBN governor has taken the initiative to do is to ask the banks to freeze the interest on any loan related to that scheme; the outstanding payment from end of June 2017 to date. Those are some of the additional concessions that the government has done.’’