The persistent fuel crisis in Nigeria is poised to escalate following a revelation by the Nigerian National Petroleum Company Limited (NNPC) that it is grappling with a massive $6 billion debt owed to petrol suppliers.
After weeks of speculation and denial, NNPC has confirmed that it is heavily indebted to its fuel suppliers, citing financial strain caused by the rising costs of petrol supply.
Olufemi Soneye, Chief Corporate Communications Officer at NNPC, acknowledged that this substantial debt has significantly impacted the company’s ability to maintain a consistent supply, leading to widespread fuel shortages and long queues at filling stations across the country.
Soneye’s statement highlights that the debt has forced many fuel suppliers to halt their deliveries to NNPC, exacerbating the fuel scarcity crisis.
This disruption in the supply chain has resulted in severe fuel shortages, affecting both transportation and daily activities nationwide.
In response to the crisis, NNPC has begun rationing its fuel stocks and is urgently appealing to its trusted suppliers to continue their deliveries despite the outstanding debt.
The company is seeking to mitigate the impact of the crisis by securing a stable supply and addressing the financial issues causing the current shortages.
The admission of such a significant debt underscores the urgent need for financial and operational reforms within NNPC to stabilize the fuel supply situation and prevent further deterioration of the crisis.
As the situation continues to evolve, Nigerians are bracing for potentially worsening conditions unless effective measures are swiftly implemented.