The Nigerian National Petroleum Company Limited (NNPC Ltd) is facing significant financial strain, which has put substantial pressure on the company and threatens the sustainability of fuel supply. This situation has been exacerbated by the company’s admission of a $6 billion debt to petrol suppliers.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, revealed on Sunday that the debt has led to a reluctance among suppliers to import Premium Motor Spirit (PMS) for the company, further intensifying the ongoing fuel scarcity and long queues across the country.
Soneye acknowledged the reports about the debt and stated that the financial pressure is impacting the company’s operations. Despite this, NNPC Ltd remains committed to its role as the supplier of last resort, as outlined in the Petroleum Industry Act (PIA), and is working with relevant government agencies and stakeholders to ensure a consistent supply of petroleum products nationwide.