The Nigerian National Petroleum Company Limited (NNPC Limited) acknowledged on Sunday that it owes a significant amount to its petrol suppliers.
Recent reports indicate that the debt has escalated to $6 billion, leading suppliers to cut down on the volume of petrol provided to the national oil company.
This reduction in supply has resulted in a six-week-long petrol scarcity across the country.
In a statement, the company’s Chief Communications Officer, Mr. Olufemi Soneye, noted that the debt has placed considerable financial strain 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.
“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.
