The Nigerian National Petroleum Corporation (NNPC) was unable to meet its debt obligations as due in January, as a result of inadequate finances, documents seen by PREMIUM TIMES have shown.
The national oil company was also encumbered by huge outstanding Federation Accounts Allocation Committee (FAAC) remittances and other financial obligations which impeded its operations and financial stability.
Documents seen by this newspaper show that at the height of the nationwide fuel crisis between December 2017 and January 2018, the NNPC could not import petroleum products because of lack of funds.
The documents detail the challenges the NNPC faced early this year, and include an exchange between Presiding Muhammadu Buhari and the corporation, in which its management expressed frustration with growing fuel consumption level in the country. Read more