$6bn Debt: NNPC Ltd. Faces Financial Strain Amidst Fuel Scarcity

As fuel queues resurfaced in the country, the Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed that it is experiencing financial strain, which poses a threat to the sustainability of fuel supply.

This was made known in a statement posted on the official “X” account of the company on Sunday. on Sunday by

Mr Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., disclosed this in a statement posted on the official “X” account of the company on Sunday.

The statement reads:

“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.”

Recall that the incessant fuel queues and scarcity have been attributed to the six billion dollars owed by NNPC Ltd to suppliers, causing them to become reluctant about importing Premium Motor Spirit (PMS) for the company.

Some reports have shown that truck and vessel owners have slowed down supply and import due to the growing debts which may lead to serious fuel crisis in the coming days.