The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed that it owes a substantial debt to its petrol suppliers, a situation that has significantly impacted its operations.
According to a report by the Sunday Vanguard, the debt has escalated to $6 billion, causing suppliers to reduce the volume of petrol they provide to NNPC. This reduction has resulted in a six-week-long petrol scarcity across Nigeria.
In an official statement, NNPC’s Chief Communications Officer, Olufemi Soneye, acknowledged the financial strain the debt has placed on the company’s operations. He expressed concern that the debt threatens the sustainability of the country’s fuel supply. Despite these challenges, Soneye emphasized NNPC’s commitment to its role as the supplier of last resort, as outlined in the Petroleum Industry Act (PIA), and assured that the company is actively working with government agencies and other stakeholders to ensure a stable supply of petroleum products across the nation.