The Nigerian National Petroleum Company Limited (NNPC Ltd) has shockly confirmed that it owes its petrol suppliers a staggering $6 billion. This admission comes as the country continues to grapple with a severe fuel scarcity that has stretched into its seventh week, leaving millions of Nigerians in a state of frustration.
Reports have surfaced indicating that the mounting debt has forced suppliers to drastically cut down the volume of petrol allocated to NNPC, exacerbating the already dire situation. Long queues at filling stations, skyrocketing fuel prices, and widespread disruptions in daily activities have become the new norm for Nigerians.
The company’s Chief Communications Officer, Mr. Olufemi Soneye, issued a statement acknowledging the critical financial burden this debt has placed on NNPC’s operations.
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“NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply,” Soneye stated.
Despite the challenges, NNPC confirmed that the company remains committed to its role as the “supplier of last resort,” as mandated by the Petroleum Industry Act (PIA). The company is reportedly working closely with government agencies and key stakeholders to stabilize the supply of petroleum products and mitigate the ongoing crisis.
