The NNPC's financial difficulties have been exacerbated by several factors: the declining value of the naira, increasing international crude oil prices, and higher operational costs.

The Nigerian National Petroleum Corporation (NNPC) has officially acknowledged a substantial debt to fuel suppliers, a situation that has severely affected the company's operations and contributed to a widespread fuel shortage across the nation.

Local media estimates place the debt at approximately $6 billion. This financial burden has compelled fuel suppliers to cut back on deliveries to the NNPC, causing extensive queues at gas stations throughout the country.

A statement from the company reads: "NNPC Ltd. has confirmed the accuracy of recent national newspaper reports concerning the company's significant indebtedness to petrol suppliers. This financial strain has imposed severe pressure on the organization and jeopardizes the sustainability of fuel supply."

Compounding the problem are factors such as the depreciating value of the naira, escalating international crude oil prices, and rising operational costs, all of which have intensified the NNPC's financial difficulties.

Despite ongoing efforts to ensure a stable fuel supply, the debt crisis has posed a grave threat to national energy security.

According to the statement: "In adherence to the Petroleum Industry Act (PIA), NNPC Ltd. remains committed to its role as the supplier of last resort, aiming to uphold national energy security. We are actively working with relevant government agencies and other stakeholders to ensure a consistent supply of petroleum products throughout the country."

Opposition politician Atiku Abubakar has called for increased transparency and accountability from the NNPC. He has advocated for the company's listing on the stock exchange in accordance with the Petroleum Industry Act (PIA).

In a statement on X, signed by his media adviser Paul Ibe, Abubakar criticized the NNPC for its lack of transparency and ongoing dependence on government support. He also pointed out the challenges encountered in previous attempts to privatize Nigeria's refineries, citing corruption and governmental interference as significant barriers.

The NNPC's financial predicament and the persistent fuel scarcity highlight the urgent need for reforms and greater transparency within Nigeria's energy sector.