Financial Energy Review
The Nigerian National Petroleum Company Limited, (NNPC Limited) has finally come clean over the reason of the persistent scarcity of fuel nationwide.
NNPC on Sunday admitted that it is indebted to its petrol suppliers a substantial amount of money. NNPC had a couple of weeks earlier dismissed the reports that it was indebt to a rising sum of $6 billion to suppliers. But the report had said that this indebtness was leading to reduction of the volume of fuel being supplied to the Nigerian national oil company. Meanwhile, this short supply has substantially led to a six-week long petrol scarcity across the country.
NNPC’s Chief Communications Officer, Olufemi Soneye in a statement said the debt has posed a significant financial strain on NNPC 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.
“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”, he stated
