The Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, stated: “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.
‘’We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
The Nigerian National Petroleum Company Limited, NNPC Limited, also yesterday admitted that it was owing its petrol suppliers a substantial amount ($6 billion).
The company’s Chief Communications Officer, Mr Olufemi Soneye, in a statement, said the debt has posed a significant financial strain on NNPC operations.
NNPC’s financial forecast has it that the total petrol subsidy bill from August 2023 to December 2024 will reach N5.4 trillion.
According to NNPC, the removal of the petrol subsidy in June 2023 initially led to monthly savings of N400 billion for the federation, enabling the company to remit N2.032 trillion in taxes and royalties by January 2024.
However, the NNPC’s costs importation turned negative in August 2023 and rose to N5.41trn by April 2024 because of the devaluation of the naira.