Former Vice President Atiku Abubakar has criticised the Nigerian National Petroleum Company Limited (NNPCL) for what he describes as a lack of transparency after the company disclosed a $6 billion debt owed to petrol suppliers.
The revelation has sparked widespread concern, particularly given the ongoing petrol scarcity in various parts of the country.
In a statement issued on Sunday by Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, News About Nigeria reported that the company admitted to being financially strained due to the high costs associated with supplying premium motor spirit (PMS), commonly known as petrol.
The debt has impacted NNPCL’s ability to maintain a steady supply of fuel across the nation.
“NNPCL has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers,” the statement read.
“This financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.”
Despite the challenges, NNPCL said it will fulfil its obligations under the Petroleum Industry Act (PIA) as the supplier of last resort, ensuring national energy security.
The company also noted that it is working closely with relevant government agencies and stakeholders to stabilise the fuel supply situation.
However, Atiku, through his media aide Phrank Shaibu, expressed deep concern over the company’s financial woes and questioned the transparency of its operations.
“What has become of these fictitious or phantom profits you once proudly proclaimed? Layers of deceit and lack of transparency have brought you to this unfortunate juncture,” Atiku stated.
Atiku further accused President Bola Tinubu’s administration of driving the NNPCL into financial ruin, describing the situation as the “ruthless dismantling of its assets.”
In a related development, NNPCL reported in a video update that it had discovered and dismantled 72 illegal crude oil refining sites over the past week in Rivers, Delta, and Abia States.
