(Ecofin Agency) - Following the advice given by World Bank, the Federal Government of Nigeria has agreed to pay the sum of N407 billion debt it owed fuel importers under a subsidy scheme, the finance ministry revealed.

Nigeria imports most of its gasoline requirement due to its worn-out refining system. Companies importing subsidized products into the country have been funding their goods with low available dollar and shrinking credit lines.

According to Marshall Gundu, a spokesman for the finance ministry, the money has been sanctioned by the Finance Minister for subsidy claims to oil marketers.

“The president has directed that payments be made immediately in order to bring to a quick end to the lingering fuel crisis”, Gundu said.

Some of this money to be paid to importers goes way back to 2014 as this is the first payment ever been made since Buhari became president in May 2015, Reuters reports.