The Nigerian National Petroleum Corporation (NNPC) has finally admitted that the debts owed international oil traders as a major factor in the ongoing fuel scarcity across the country.
After weeks of denial, the NNPC has avowed that it was facing financial strains and owes its petrol suppliers the sum of $6bn.
In a statement by its Chief Corporate Communications Officer, Olufemi Soneye, the state-owned energy company subtly confirmed that the debt was the reason for the fuel queues in filling stations across the country, stating that it is impacting supply sustainability.
According to the statement made public, Soneye said:
“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.
“In line with the Petroleum Industry Act (PIA), NNPC Ltd. Remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide,”
