By: Abolade Oluwatobiloba
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has set the record straight on fuel subsidy payments, revealing that no payments have been made to marketers in the last nine months. Contrary to claims by marketers, NNPC Ltd.’s Chief Financial Officer, Alhaji Umar Ajiya, emphasized that the company has been managing the shortfall between the landing cost of Premium Motor Spirit (PMS) and the government-regulated selling price.
Ajiya explained that NNPC Ltd. has an open credit agreement with PMS suppliers, ensuring timely payments. Executive Vice President of Downstream, Dapo Segun, added that outstanding payments to suppliers are lower than the reported ₦6.8 billion.
NNPC Ltd.’s clarification aims to dispel misconceptions and reassure Nigerians of the company’s commitment to transparency and fuel availability. The move seeks to address persistent fuel scarcity and promote a dynamic relationship with suppliers to ensure consistent PMS supply across the country.