The ongoing fuel crisis in Nigeria is expected to worsen as the Nigerian National Petroleum Company Limited (NNPC) has revealed that it owes petrol suppliers about $6 billion.
After weeks of denial, the NNPC admitted recently, that it owed its petrol suppliers the sum of $6bn, saying it was facing financial strains due to petrol supply costs.
The Chief Corporate Communications Officer, Olufemi Soneye, in a statement confirmed that the debt was the reason for the fuel queues in filling stations across the country, stating that it is impacting supply sustainability.
The statement by the NNPC confirms reports that fuel suppliers have halted supplies to the company due to the growing debt.
The NNPC has started rationing its stock, appealing to trusted suppliers not to cut off supply.