The Nigerian National Petroleum Corporation (NNPC) has finally acknowledged that its debt to international oil traders is a significant factor in the ongoing fuel scarcity across the country. In a statement released on Sunday, NNPC spokesperson Olufemi Soneye confirmed that the debt has caused supply disruptions, posing a threat to the sustainability of fuel supply.
The NNPC’s admission comes after previous reports of a $6.8 billion debt to oil suppliers, making it challenging for the corporation to procure imported petrol products. The company is seeking financial relief from the federal government to address this crisis, which may involve government intervention or subsidies.
This development has intensified social anxiety over the potential return of the subsidy, particularly after the naira’s devaluation. While the NNPC has yet to confirm the reintroduction of the subsidy, its recent statement suggests that the federal government may need to step in to help settle some of the company’s obligations to international oil traders.
The fuel scarcity has gripped major cities like Lagos and Abuja, with vehicles queuing at the few filling stations selling petrol. Even NNPC-owned filling stations were completely shut, with some motorists waiting in front, hoping the stations would eventually open. The product was sold at prices ranging from N840 to N1,000 at various locations across the country.