Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a stark warning about its financial struggles, which could jeopardize the country’s fuel supply. In a statement released on Sunday, the company acknowledged significant debts to petrol suppliers and expressed concerns about the sustainability of its operations.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, confirmed that the company is facing financial strain due to the high cost of importing petrol. This situation has been exacerbated by the ongoing fuel queues and scarcity, which have been linked to the company’s outstanding debts to the tune of over $6 billion even after declaring profits from its 2023 operations year.
Soneye emphasized that NNPC Ltd remains committed to its role as the supplier of last resort, ensuring national energy security. However, he stressed that the company’s financial difficulties could pose a threat to the consistent supply of petroleum products nationwide.
The NNPC Ltd’s statement comes amid growing concerns about the country’s fuel crisis. Many Nigerians have faced long queues at gas stations and frequent shortages, leading to disruptions in transportation, commerce, and daily life.
