The Nigerian National Petroleum Company Limited, NNPC Limited, on Sunday admitted that it was owing its petrol suppliers a substantial amount.
Sunday Vanguard had reported earlier that the debt which has risen to $6 billion has seen suppliers reduce the volume given to the Nigerian national oil company. The short in supply has led to a six-week long petrol scarcity across the country.
The company’s Chief Communications Officer, Mr 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.
Vanguard
