The Nigerian National Petroleum Corporation Limited (NNPCL) has confirmed reports that it owes its petroleum suppliers.
Earlier estimates suggested the debt stood at approximately $6 billion.
In a statement released on Sunday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, acknowledged the indebtedness to suppliers.
NNPCL’s admission comes amidst growing concerns over the national oil company’s financial obligations.
The corporation is working to address the debt and ensure timely payments to its suppliers.
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.”
