MON SEPT 02 2024-theGBJournal| NNPC Ltd. on Sunday in a short statement, acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers.
NNPC said shockingly that ”this financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.”
Adding, ”We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
The debt is said to be in the neighborhood of $6 billion.
Vanguard newspaper reported Sunday that global suppliers are no longer enthusiastic about supplying petrol to Nigeria on credit because of the huge amount of debt involved.
The debt, according to sources close to Vanguard say, is apparently responsible for the lingering petrol queues in the country and shortages in recent weeks.
Dealers for a while now has argued that the NNPC is struggling to supply them due to shortages of the product at NNPC disposal.
The admission of debt overall underscores the rot and incompetence that has been the bane of the state-owned oil corporation for over two decades now.
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