The Federal Government owes the Nigerian National
Petroleum Corporation (NNPC) more than $8.1 billion in subsidy payments. The
debt is straining the corporation’s ability to import petrol petrol and has
added to its financial burden after private companies stopped importing earlier
this year.
The NNPC which used to account for 60 per cent of
Nigeria’s imports, now accounts for all of them. Premium motor spirit, also
known as petrol has remained largely unavailable to users across the country
since early this year, following the refusal of major and independent oil
marketers to import fuel due to the delay in the payment of their outstanding
subsidies.
Despite producing about 2.4 million barrels of
crude oil a day, Nigeria imports most of its petrol because its refineries are
unable to meet the nation’s demand.
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