Former Vice President Atiku Abubakar has criticised the Nigerian National Petroleum Company Limited (NNPCL) for its lack of transparency following the company’s admission of a $6 billion debt to petrol suppliers.
This admission made public on Sunday, September 1, has intensified the fuel scarcity that has plagued the nation for six weeks.
The Chief Communications Officer of NNPCL, Mr. Olufemi Soneye, confirmed the debt, highlighting the severe financial strain it has imposed on the company’s operations.
“NNPC Ltd has acknowledged recent reports regarding its significant debt to petrol suppliers. This financial strain threatens the sustainability of fuel supply,” Soneye stated.
PRESS RELEASE
NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability
NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company's significant debt to petrol suppliers. This financial strain has placed considerable… pic.twitter.com/HR1FP1gGzy
— NNPC Limited (@nnpclimited) September 1, 2024
He assured that NNPCL remains committed to its role as the supplier of last resort, as outlined in the Petroleum Industry Act (PIA), and is working with government agencies to ensure a consistent supply of petroleum products nationwide.
Reacting to this development, Atiku expressed deep concern over the situation through his media aide, Phrank Shaibu.
“What has become of these fictitious or phantom profits you once proudly proclaimed? Layers of deceit and lack of transparency have brought you to this unfortunate juncture,” Atiku said in a terse statement via X.
He further accused President Bola Tinubu’s administration of driving the NNPC to ruin, describing the current actions as the “ruthless dismantling of its assets.”
