1st September, 2024
By Ayorinde Oluokun/Ayorinde
The Nigerian National Petrol Petroleum Limited NNPC Ltd. has acknowledged that its ‘significant’ debt to petrol suppliers has placed considerable pressure on it and has now become a threat to the sustainability of fuel supply.
NNPC said this while reacting to claims in some reports that it is indebted to the tune of $6 billion in a statement by its Olufemi Soneye, its Chief Corporate Communications Officer on Sunday.
However, company did not reveal how much it is owing the fuel suppliers in the statement.
But the company said despite the debt challenge, it is collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide as the supplier of last resort.
“The Nigerian National Petrol Petroleum Limited 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.
