
The Nigerian National Petroleum Company Limited (NNPC Ltd) is grappling with significant financial strain due to a substantial debt of $6 billion owed to petrol suppliers, posing a serious threat to the sustainability of fuel supply in the country.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, addressed the situation in a statement on Sunday.
He confirmed the reports of the company’s financial challenges, which have led to severe fuel shortages and persistent queues at filling stations.
The debt has caused suppliers to hesitate in importing Premium Motor Spirit (PMS) for NNPC Ltd, exacerbating the fuel scarcity issue.
Soneye acknowledged the pressure the financial strain has placed on the company and its impact on the fuel supply chain.
Despite these challenges, Soneye assured that NNPC Ltd remains committed to its role as the supplier of last resort, as mandated by the Petroleum Industry Act (PIA).
He emphasized that the company is working closely with government agencies and other stakeholders to ensure a steady supply of petroleum products across the nation.(NAN)
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