The huge debt choking the NNPC is amid the fuel scarcity situation across the country.......................
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As a result, the state-owned oil firm has been rationing stock and prevailing on major suppliers not to cut off supply. “Consequently, the following clarifications have become necessary: That NNPC Ltd does not owe the sum of $6.8 billion to any international trader.” As part of measures to cushion the impact of its numerous economic reforms, the government through the state oil firm sells petrol at prices below the market price.
This also prompted commercial bus drivers to increase their fares in major towns and cities, incuding the nation’s capital. As a result, black marketers made brisk business selling to willing buyers at higher prices ranging from N1,000 to N1,200.
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