The Nigerian National Petroleum Company (NNPC) Limited has admitted to owing supplies of premium motor spirit (PMS), also known as petrol.
NNPC acknowledged the debt in a statement on Sunday.
Media reports had suggested that the NNPC was owing fuel suppliers about $6 billion in unpaid invoices which had led to a stoppage of delivery of new cargo orders.
The Chief Corporate Communications Officer of the NNPCL, Olufemi Soneye, admitted that the national oil company is owing suppliers in a statement he issued on Sunday.
Soneye, who did not state the amount being owed, said: “NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers.
“This financial strain has placed considerable pressure on the Company and 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.”
