Fuel for Thought: NNPC Limited’s Debt Crisis Threatens to Leave Nigeria High and Dry – Official
Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited (NNPC Limited), is facing a financial strain that could have far-reaching consequences for the country’s energy security.
The company has acknowledged reports of significant debt to petrol suppliers, which has placed considerable pressure on its operations and poses a threat to the sustainability of fuel supply.
According to Olufemi Soneye, Chief Corporate Communications Officer of NNPC Limited, “The financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.”
However, Soneye reassured Nigerians that the company remains committed to its role as the supplier of last resort, ensuring national energy security, in line with the Petroleum Industry Act (PIA).
NNPC Limited said it is working closely with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.
Soneye stated, “We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
The debt crisis facing NNPC Limited raises concerns about the company’s ability to meet its obligations and ensure a steady supply of fuel to the Nigerian market. As the country’s primary supplier of petroleum products, any disruption to NNPC Limited’s operations could have severe consequences for the economy and Nigerians who rely on fuel for their daily lives.
The situation highlights the need for urgent action to address the financial strain facing NNPC Ltd and ensure the sustainability of fuel supply in Nigeria.
As Soneye noted, “We are committed to our role as the supplier of last resort, ensuring national energy security.”
However, it remains to be seen how the company will navigate this challenging situation to maintain a stable fuel supply.
There has been calls for the open forensic audit of NNPC Limited under Engr Mele Kyari and independently probing subsidy payments on petrol amid scarcity of the product in most parts of the country.
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