The Nigerian National Petroleum Company (NNPC) Limited is facing a debt of $3 billion to fuel traders for imported petrol. This debt comes at a time when the country has removed the subsidy on petrol, leading to a spike in prices and inflation. NNPC is struggling with payment due to currency depreciation and rising global fuel prices.
The Nigeria n National Petroleum Company Limited owes around $3 billion to fuel traders for imported petrol.The debt is coming amid the removal of petrol subsidy in the country.
According to Femi Sonoye, NNPC spokesperson, the company was “not aware of any such debt nor any financial issues of such magnitude”. Also, the sources said NNPC’s suppliers, including international traders like Vitol, Mercuria and Gunvor as well as Nigeria-based trading houses, are still supplying fuel.into the country had dropped by 50 percent since the removal of the subsidy.
NNPC Debt Fuel Traders Petrol Subsidy Currency Depreciation Global Fuel Prices Nigeria
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