The Nigerian National Petroleum Company Limited (NNPC Ltd) has raised alarms about its financial challenges, which could potentially worsen the fuel supply situation in the country.
In a statement on Sunday, the company admitted to owing significant debts to petrol suppliers, sparking concerns about the viability of its operations.
Olufemi Soneye, NNPC Ltd’s Chief Corporate Communications Officer, highlighted that the company’s financial strain is largely due to the high costs associated with importing petrol.
This strain is further aggravated by ongoing fuel shortages and long queues, linked to an outstanding debt of over $6 billion, despite the company’s declared profits for the 2023 operational year.
Despite these challenges, Soneye affirmed that NNPC Ltd is dedicated to its role as the supplier of last resort to ensure energy security across the nation.
He however cautioned that the company’s current financial woes could undermine the steady supply of petroleum products nationwide.
This announcement comes as concerns grow over Nigeria’s worsening fuel crisis, which has led to long lines at filling stations and significant disruptions in transportation and daily activities.
