Despite denyin an allegation in August that it does not owe fuel suppliers $6.8bn, the NNPC Ltd has finally opened up on its debt obligations to fuel suppliers.
In a statement on Sunday, the company failed to open up on the amount it owes, however it described the debts as being significant.
Femi Soneye, Chief Communications Officer of the NNPC Ltd in a statement noted that the company acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers.
He further noted that the financial strain poses a threat to the sustainability of fuel supply.
“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.” The statement read.