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May 26, 2015 12:42 PM

Nigeria paying $800 million to oil suppliers to end crisis

The Associated Press

LAGOS, Nigeria (AP) Oil suppliers say Nigeria's outgoing government has agreed to pay $800 million to end a fuel crisis crippling the economy just days before the inauguration of a new president Friday in Africa's biggest oil producer.

Chaos reigned Tuesday at Nigerian airports, where most flights were cancelled due to the shortages. Cars and other vehicles formed queues of more than 2 kilometers (1 mile) outside of gas stations.

Banks closed at lunchtime and cellphone companies warned they would be forced to shut down service countrywide for a lack of diesel to fuel generators.

The Independent Petroleum Marketers Association of Nigeria said the finance minister agreed Monday to pay a debt of $800 million to oil suppliers. It said companies started pumping oil again Tuesday and unpaid tanker drivers stopped striking.


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