Senate President Godswill Akpabio has urged Nigerians to remain patient with ongoing economic reforms, saying recent changes in the petroleum sector are beginning to yield results. According to him, the country has moved away from a period of severe fuel scarcity, when long queues stretched for kilometres and petrol was largely unavailable. “There was a…
Gilly-Harry revealed that the Nigerian National Petroleum Company Limited is fighting to keep the nation supplied with goods, therefore the current petrol rates, which are about 600 per liter, might not last. His position is in line with the recent admission by the NNPCL that it owes PMS suppliers more than $60 billion. Fuel is currently sold at filling stations that are not controlled by NNPCL for between 950 and more than 1000 per liter due to scarcity.
The Nigerian National Petroleum Company Limited has confirmed that the Federal Government incurred a debt of N5.1tn in under-recovery and energy security expenses for fuel importation in 2023. It also stated that a total sum of N9.38tn, described as receivables, was incurred on behalf of the Federal Government in 2023 for fuel imports. In its…
