The Nigerian National Petroleum Company Limited (NNPC Ltd) is currently grappling with significant financial challenges, leading to mounting pressure on the company and threatening the sustainability of fuel supply in the nation. 

This development was confirmed in a statement released by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, on Sunday.

Soneye acknowledged recent reports circulating in national newspapers about the company’s substantial debt to petrol suppliers. He disclosed that NNPC Ltd owes approximately $6 billion to suppliers of Premium Motor Spirit (PMS), commonly known as petrol. This debt has caused hesitation among suppliers regarding further imports of PMS, contributing to the ongoing fuel queues and scarcity observed across the country.

“The financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply,” Soneye stated, underlining the gravity of the situation.

Despite these challenges, NNPC Ltd has reaffirmed its commitment to fulfilling its role as mandated by the Petroleum Industry Act (PIA). Soneye emphasized that the company remains steadfast in its position as the “supplier of last resort,” ensuring that Nigeria’s national energy security is not compromised.

“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,” he said. 

In response to the current crisis, Soneye mentioned that NNPC Ltd is actively engaging with relevant government agencies and other stakeholders. The aim of these collaborations is to maintain a consistent and uninterrupted supply of petroleum products across Nigeria, despite the significant financial hurdles the company is facing.