The Nigerian National Petroleum Company Limited (NNPCL) has acknowledged that a severe financial strain is threatening the sustainability of fuel supply across the country. In a statement released on Sunday evening, September 1, NNPCL admitted to owing petrol suppliers a substantial debt of $6 billion, significantly impacting fuel availability nationwide.
The company’s acknowledgment comes amid growing public frustration and reports in national newspapers highlighting the debt crisis. The financial challenges have caused petrol suppliers to drastically reduce the volume of fuel supplied to NNPCL, exacerbating the already dire situation.
This reduction in supply has resulted in a six-week-long fuel scarcity that has left many Nigerians struggling with long queues at petrol stations, increased transportation costs, and widespread disruptions to daily life. The scarcity has also sparked concerns about the potential for further economic strain as businesses and households grapple with the fuel shortage.
NNPCL’s admission has heightened calls for immediate action to resolve the financial issues and restore a stable fuel supply. The situation underscores the critical need for financial management and strategic planning within the national oil company to prevent further disruptions to the country’s fuel distribution system.
