NNPC admits financial distress amid prolonged fuel scarcity, debt to petrol suppliers
![Fuel queue at NNPC filling station [Credit: ThankGod Sabastine/Peoples Gazette]](https://gazettengr.com/wp-content/uploads/Screenshot_20230320-070535_WhatsAppBusiness.jpg)
Amid prolonged fuel scarcity in the country, the Nigerian National Petroleum Corporation (NNPC) on Sunday admitted that it is in financial distress due to Premium Motor Spirit (PMS) costs and growing debt to petrol suppliers.
“NNPC Ltd faces financial strain due to PMS supply costs, impacting supply sustainability,” NNPC said in a statement by Olufemi Soneye, its chief corporate communications officer.
It added that debt to petrol suppliers constitute a financial burden that could affect sustainable fuel supply in the country.
“NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply,” the statement said.
It added, “In line with the Petroleum Industry Act (PIA), NNPC Ltd. remains dedicated to its role as the supplier of last resort, ensuring national energy security. We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
This comes amid lingering fuel scarcity in the country that has seen Nigerians stay for hours on queues to get fuel.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Africa
U.S. warns citizens travelling to South Africa over crime, terrorism, unrest
The acting national police commissioner said at least 10 vehicles were burnt in Johannesburg and 14 in Durban.
Economy
Nigeria’s $1 trillion economy depends on homegrown innovation, market access: NBTI DG
The DG said sustainable national prosperity cannot be achieved through government expenditure or natural resources alone.
NationWide
NBET begins N729 billion legacy debt payments to GenCos
Mr Odeyemi described the development as a significant milestone in implementing the debt reduction programme.
Africa
Anti-foreigner protests force South Africa to withdraw asylum seekers applicationsÂ
The protests erupted over a Constitutional Court ruling easing access to asylum.
Heading 2
2028 Olympics: Super Falcons defeat Comoros 2-0 in first leg
The Nigerian team finally opened the scoring in the 48th minute with a tap-in by Michelle Alozie.
Heading 4
Flydubai co-pilot Hamam Al-Hammani inspired by 9/11 terror attack, radicalised in 2017: UAE
The 9/11 attacks claimed lives across 77 countries.
