The Coalition Of Civil Society Organisations (CCSOs) in a statement released by the National Coordinator of the coalition Mallam Ibrahim Mohammed while reacting to the recent increment of the price of Premium Motor Spirit (PMS) also known as Petroleum by the Nigerian National Petroleum Corporation (NNPC) Limited, revealed, revealed that reports have shown that NNPCL had accrued debts totaling over $6 billion, causing petrol supply shortages, and international suppliers were now reluctant to continue providing fuel on credit.
According to Vanguard, the National Coordinator of the Coalition Of Civil Society Organisations (CCSOs) Mallam Ibrahim Mohammed said “Of equal concern is the precarious position of the Nigerian National Petroleum Company Limited (NNPCL), which finds itself in a debt trap, with global suppliers of petroleum products losing confidence in Nigeria’s ability to honor its obligations. Reports have shown that NNPCL has accrued debts totaling over $6 billion, causing petrol supply shortages. International suppliers are now reluctant to continue providing fuel on credit, exacerbating supply chain issues and pushing up the price of petrol at the pump. Accountability for economic mismanagement: Those responsible for the reckless management of our foreign exchange policies and NNPC’s debts must be held accountable.”
Mallam Ibrahim Mohammed added that the administration of the President of the Federal Republic of Nigeria, Chief Bola Ahmed Tinubu must disclose their plan to mitigate the rising fuel costs and the current economic hardship facing the good citizens of the country. He also reiterated that without immediate corrective measures, the economic situation of the country would continue to deteriorate, leading to further hardship for the average citizens of the country….See – More