NNPC admits mounting debts to foreign petrol suppliers amid rising subsidy costs

The Nigerian National Petroleum Company Limited (NNPC) has finally acknowledged the significant debts it owes to international petrol suppliers, following months of denial.

The admission comes as petrol subsidy costs soar, exacerbated by the depreciating naira and rising global crude oil prices. This financial strain has put immense pressure on the NNPC, threatening the sustainability of fuel supplies across the nation.

Despite earlier claims that fuel shortages were due to weather conditions and poor infrastructure, the NNPC now faces a critical challenge in meeting its financial obligations, with fuel queues spreading from Abuja to Lagos and other regions.

Meanwhile, former Vice President Atiku Abubakar has called for the immediate listing of the NNPC on the stock exchange to enhance transparency and corporate governance, arguing that the company’s current operations lack transparency and are plagued by corruption.