Chief Corporate Communication Officer, Nigerian National Petroleum Company Limited, (NNPC Ltd) has said it is incorrect that the company has incurred $6bn petrol payment backlogs.
In a telephone interview with New Telegraph on Thursday, the NNPC Ltd spokesman said the report is a fake news and that he did not know anything about it.
He said: “That is false. I do not know anything about that. It is fake news. Did they name the marketers they claim we supposedly owe? Let them name them.”
There was a report that Nigeria’s fuel debt had reached $6 billion. According to it, this occurred as NNPC Ltd tried to bridge the difference between set pump prices and foreign fuel costs.
It said: “When almost $3 billion in late fuel payments were made this year, NNPC Ltd had financial difficulties. Based on traders; reports, the company had not paid %4 billion to $5 billion for imports made in January. Under the conditions of the contract, NNPC Ltd must make payments 90 days after delivery.
“The only reason traders are putting up with it is the $250,000 a month (per cargo) for the late payment compensation.”