The Nigerian National Petroleum Company Limited (NNPCL) says that it is facing challenges due to the $6 billion debt owed to foreign petrol suppliers.
The NNPCL, which is the sole importer of petrol in Nigeria, which is experiencing its worst scarcity of petrol in decades, admitted on Sunday that its debt to the products suppliers was affecting supply in Nigeria.
The Chief Corporate Communications Officer of the NNPCL Mr. Olufemi Soneye, confirmed in a statement on Sunday that the debt was the reason for the long queues in petrol stations across the country.
“This financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply,” Soneye said.
In the statement titled, ‘NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability’, the NNPCL official added that the company was collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.
“In line with the Petroleum Industry Act, 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 added.
GIK/APA