By Tochukwu Bliss, Abuja
After a series of denials, NNPC Ltd., yesterday, finally admitted that its current “financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.”
This admission confirms recent reports in national newspapers regarding the Company’s significant debt estimated at over $6billion to petrol suppliers.
The implication of this is that current fuel supply shortages may linger longer than anticipated with attendant hardship on the people.
NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, in a two-paragraph statement, however assured that “We are actively collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.”
Amid repeated denials of the payment of subsidy on premium motor spirit (PMS) popularly called petrol, fuel marketers had raised an alarm that the landing cost over ₦1,200/litre has made it impossible for them to continue importing the essential commodity.
This development left NNPC with the monopoly of the product importation once again, a situation which Human rights lawyer, Femi Falana, describes as “the importation scam” and must be “investigated”.
This financial strain has placed considerable pressure on the Company and poses a threat to the sustainability of fuel supply.
