Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye, released a statement on Sunday acknowledging the reports of the company’s substantial debt to petrol suppliers.
The ongoing fuel queues and shortages have been linked to the $6 billion owed by NNPC Ltd, leading suppliers to hesitate in importing PMS for the company.
Reacting to the situation, Soneye stated that the financial strain had placed considerable pressure on the company and posed a threat to the sustainability of fuel supply.
The Statement reads; “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,”
“In line with the Petroleum Industry Act (PIA), NNPC Ltd remains committed to its role as the supplier of last resort, ensuring national energy security”.
Soneye added that the company was actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.
