NNPCL ADMITS DEBTS TO PETROL SUPPLIERS RESPONSIBLE FOR RESURFACED QUEUES

September 2, 2024

The Nigerian National Petroleum Company Limited has finally admitted the company’s “significant debt to petrol suppliers”, saying it poses a threat to the sustainability of fuel supply.

There have been reports that a $6 billion debt the NNPCL owes petrol suppliers has worsened petrol scarcity in Nigeria, a perennial feature since the beginning of 2024 but the NNPCL had several times, blamed logistics challenges, and flooding, amongst others for the supply shortages of the essential commodity.

However, in a statement issued yesterday, NNPCL spokesman OLUFEMI SONEYE said “the financial strain, has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply but assured that the company is actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.

SONEYE maintained that NNPC Ltd remained dedicated to its role as the supplier of last resort, ensuring national energy security.

Written by: Ella Adike

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