The Nigerian National Petroleum Company Limited (NNPC Limited) acknowledged on Sunday that it is currently indebted to its petrol suppliers, with the amount owed being substantial.
Earlier, it was widely reported that the debt has escalated to $6 billion, prompting suppliers to reduce the volume of petrol supplied to the national oil company. This reduction in supply has resulted in a six-week-long petrol scarcity across Nigeria.
In response to these reports, NNPC’s Chief Communications Officer, Mr. Olufemi Soneye, released a statement acknowledging the significant financial burden the debt has placed on the company’s operations. “NNPC Ltd has acknowledged recent reports in national newspapers concerning the substantial debt owed to petrol suppliers. This financial strain has put immense pressure on NNPC’s operations and poses a risk to the sustainability of the fuel supply chain,” the statement read.
Mr. Soneye emphasized that, in accordance with the Petroleum Industry Act (PIA), NNPC Limited is committed to its role as the supplier of last resort to ensure national energy security. He added that the company is actively working with relevant government agencies and stakeholders to maintain a stable supply of petroleum products throughout the country. NNPC Limited reassured the public that efforts are being made to address the current situation and to secure a consistent supply of fuel to mitigate the impact of the scarcity.
