The Nigerian National Petroleum Corporation (NNPC) has finally admitted that the debts owed international oil traders as a major factor in the ongoing fuel scarcity across the country.
In a statement released on Sunday, NNPC spokesperson Olufemi Soneye confirmed reports by Nairametrics and other media outlets, attributing the fuel shortage to supply disruptions caused by outstanding debt obligations to international oil traders.
While NNPC acknowledged this situation, the corporation did not disclose the exact amount owed to these oil traders.
It is worth recalling that Nairametrics previously reported that NNPC was indebted to oil suppliers to the tune of $6.8 billion in subsidy debts, making it challenging for the corporation to procure imported petrol products.
“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,” Soneye said.
