NNPCL Admits $6 Billion Debt, Fuel Scarcity Continues

Published

2 years ago

September 2, 2024

Photo source: Google

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.

OPay Introduces New Security Features for Customers

Published

1 day ago

June 29, 2026

Ese Ohwofa

Nigerian fintech company OPay has introduced new security features to improve the safety of its application.

The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.

The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.

The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.

Nigeria’s Agricultural Sector Cannot Thrive Without Investment – FG

Published

6 days ago

June 24, 2026

Ese Ohwofa

The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.

They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.

“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”