The Nigerian National Petroleum Company (NNPC) Limited has disclosed that a debt of $6 billion owed to international oil traders is a significant factor contributing to the ongoing fuel scarcity across Nigeria. The admission comes amid mounting public outcry over the shortage of petrol in many parts of the country, which has led to long queues at filling stations, increased transportation costs, and widespread inconvenience for millions of Nigerians.
According to a statement from NNPC Limited, the debt has strained the company’s ability to secure a steady supply of petroleum products from foreign suppliers. This financial challenge has disrupted the importation and distribution chain, leading to shortages at depots and, consequently, at retail outlets nationwide.
The NNPC’s acknowledgment of the debt highlights the gravity of the situation and the need for urgent solutions to stabilize the supply of petrol in the country. In response, the company is reportedly exploring various options to resolve the outstanding debts with oil traders to alleviate the fuel scarcity crisis.
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This revelation has sparked intense discussions among policymakers, economists, and the general public regarding the management of the country’s oil sector, the transparency of financial dealings, and the broader implications for Nigeria’s economy. Stakeholders are now calling for a more sustainable approach to fuel supply management to prevent future occurrences of such crises.
As the situation unfolds, Nigerians remain hopeful for a swift resolution to the fuel scarcity issue that has affected daily life and economic activities across the nation.
