The Nigerian National Petroleum Company Limited (NNPC) has confirmed it is grappling with a substantial $6 billion debt owed to its petrol suppliers.
This admission comes amid reports that the mounting debt has led to a reduction in supply, resulting in a six-week-long petrol scarcity across the country.
In a statement released on Sunday, the company’s Chief Communications Officer, Mr. Olufemi Soneye, acknowledged the financial strain the debt has placed on NNPC’s operations.
“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.
He assured that, despite the challenges, NNPC is committed to its responsibilities under the Petroleum Industry Act (PIA), stressing the company’s role as the supplier of last resort to ensure national energy security.
“We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,” he added.
