• About Us
  • Contact Us
  • Privacy & Policy
Saturday, July 5, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

NNPC Faces Suppliers Withdrawal Due to Mounting Petrol Debt

Vincent Amadi by Vincent Amadi
July 5, 2024
in Economy
Reading Time: 2 mins read
A A
0
NNPC Faces Suppliers Withdrawal Due to Mounting Petrol Debt
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


According to journalists, Nigeria’s debt to petrol suppliers has exceeded $6 billion, doubling since the beginning of April.
According to a report on Thursday, the development comes at a time when the Nigerian National Petroleum Corporation (NNPC) Limited is trying to bridge the gap between fixed pump prices and international fuel prices.
The report revealed that NNPC ran into trouble earlier this year with overdue petrol payments amounting to more than $3 billion. “Traders said the company has yet to pay for some of its January imports, taking the overdue amount to between $4 billion and $5 billion,” the release stated.


According to the report, under the terms of the contract, NNPC is required to make payments within 90 days of delivery. “The only reason traders are putting up with this is the $250,000 compensation (per load) per month for late payments,” an industry source told Journalists.
Sources said at least two suppliers have already withdrawn from current tenders because they have reached their voluntary debt ceiling to Nigeria. This means they will stop delivering petrol if they are not paid, Journalists added.
“Traders thrive in riskier environments, but they place limits on the credit they are willing to extend per deal to avoid taking on too much risk to borrowers. These limits vary by company, size, and location,” the publication noted.
Nigeria’s petrol tenders for June and July were consequently smaller, traders told Journalists.

NNPC plans to import about 850,000 tonnes through tenders in July, down from the usual 1 million tonnes the previous month, according to two sources.
President Bola Tinubu announced the end of petrol subsidies when he took office in May last year, saying the “ever-increasing costs” could no longer be justified in the face of dwindling resources.”
Before the end, the government had said it would spend up to 3.3 trillion naira on petrol subsidies from January to June 2023.
Petrol subsidies remain a contentious issue in Nigeria as spending continues to eat into state revenues. However, the removal of the subsidy has worsened the living conditions of Nigerians as inflation has reached unbearable levels due to fuel prices and a weak currency.
There has been speculation that some of the subsidy has been reintroduced, but the Federal Government has repeatedly rejected these claims.

Tags: businessnigeria
Vincent Amadi

Vincent Amadi

Related Posts

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

1 week ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

2 weeks ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

3 weeks ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Legislature and judiciary servants of Tinubu, not independent, says Buba Galadima
National

Legislature and judiciary servants of Tinubu, not independent, says Buba Galadima

16 hours ago
ASUU UNIJOS Declares Strike Over Unpaid June 2025 Salaries
National

ASUU UNIJOS Declares Strike Over Unpaid June 2025 Salaries

2 days ago
DHQ: Military Not Empowered to Offer Amnesty to Bandits or Terrorists
National

DHQ: Military Not Empowered to Offer Amnesty to Bandits or Terrorists

2 days ago
Kidnap victim who claimed to be my brother lied, I only have a sister — Zamfara governor
National

Kidnap victim who claimed to be my brother lied, I only have a sister — Zamfara governor

4 days ago
Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism
International

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism

4 days ago
President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit
International

President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit

4 days ago

POLITICS

Legislature and judiciary servants of Tinubu, not independent, says Buba Galadima

Legislature and judiciary servants of Tinubu, not independent, says Buba Galadima

16 hours ago
Wike Challenges ADC Leaders to Show Scorecard Ahead of 2027 Elections 

Wike Challenges ADC Leaders to Show Scorecard Ahead of 2027 Elections 

16 hours ago
2027 election: I will support Peter Obi if he gets coalition’s ADC presidential ticket — Lamido

2027 election: I will support Peter Obi if he gets coalition’s ADC presidential ticket — Lamido

16 hours ago
Presidential ticket  will be coalition’s biggest challenge — Datti Baba-Ahmed

Presidential ticket will be coalition’s biggest challenge — Datti Baba-Ahmed

2 days ago
Seven Akwa Ibom Lawmakers Defect to APC, Citing Party Divisions

Seven Akwa Ibom Lawmakers Defect to APC, Citing Party Divisions

2 days ago
El-Rufai Plans New Party as ADC Backup Against APC Interference

El-Rufai Plans New Party as ADC Backup Against APC Interference

2 days ago

YOUR ECONOMY

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

1 week ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

2 weeks ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

3 weeks ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

3 weeks ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

3 weeks ago
Nigeria Stock Exchange to Partner with Hong Kong’s Stock market
Economy

Nigeria Stock Exchange to Partner with Hong Kong’s Stock market

4 weeks ago

E & P

Chelsea Target Arsenal’s Ethan Nwaneri Amid Contract Talks
Sports

Chelsea Target Arsenal’s Ethan Nwaneri Amid Contract Talks

by Steven Atogi
5 hours ago
0

England international Ethan Nwaneri has emerged as a transfer target for Chelsea amid ongoing Arsenal contract discussions.The 18-year-old attacking midfielder...

Arsenal Close In on Madueke Transfer After Agreeing Personal Terms

Arsenal Close In on Madueke Transfer After Agreeing Personal Terms

8 hours ago
Just In: Thomas Partey charged with rape and sexual assault

Just In: Thomas Partey charged with rape and sexual assault

1 day ago
Liverpool striker Diogo Jota and brother dies in ghastly car accident

Liverpool striker Diogo Jota and brother dies in ghastly car accident

3 days ago
Luis Enrique: We Can’t Stop Messi Without a Collective Effort

Luis Enrique: We Can’t Stop Messi Without a Collective Effort

6 days ago
Fenerbahçe Closes In on €10M Transfer Deal for Colombian Striker Jhon Durán

Fenerbahçe Closes In on €10M Transfer Deal for Colombian Striker Jhon Durán

1 week ago

YOUR THOUGHT & HISTORY

Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
1 week ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
1 week ago
ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
4 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
6 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
7 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Chelsea Target Arsenal’s Ethan Nwaneri Amid Contract Talks

Chelsea Target Arsenal’s Ethan Nwaneri Amid Contract Talks

July 5, 2025
Arsenal Close In on Madueke Transfer After Agreeing Personal Terms

Arsenal Close In on Madueke Transfer After Agreeing Personal Terms

July 5, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address