On Sunday, the Nigeria National Petroleum Company Limited (NNPC) admitted that its debts to fuel importers are significant and the “financial strain has placed considerable pressure on the company and poses a threat to the sustainability of fuel supply.”
If you’re not versed in government speak, the NNPC, which reported ₦3.3 trillion in 2023 profits in August, will likely use all of those profits to pay subsidies. And that may not even be sufficient. Some reports put the backlog of payments at $6 billion.
While NNPC continues to “engage with stakeholders,” Nigerians have to brace themselves for more queues and a possible fuel price increase.
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