Business
NNPCL Admits $6 Billion Debt, Fuel Scarcity Continues
The Nigerian National Petroleum Company Limited (NNPCL) has publicly acknowledged facing a major financial challenge, which could undermine the sustainability of fuel supplies across Nigeria.
In a statement released on Sunday, September 1, the company addressed recent media reports about its growing debt to fuel suppliers.
According to the company, the debt has now reached a staggering $6 billion, a situation that has significantly impacted fuel supply operations.
Due to this mounting debt, many fuel suppliers have scaled back on the amount of petrol they provide to NNPCL.
This reduction in supply has directly contributed to the prolonged petrol scarcity that has plagued the country for over six weeks.
The company noted that the current financial strain is creating difficulties in maintaining consistent fuel distribution and has urged stakeholders to work collaboratively to resolve the issue.
NNPCL’s admission of the debt has drawn attention to the broader concerns regarding the nation’s fuel supply chain, raising fears of further disruptions unless the financial crisis is addressed.
The ongoing scarcity has already begun to affect businesses, transportation, and the daily lives of many Nigerians.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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