The spokesperson of the NNPC, Olufemi Soneye, has debunked the report by traders that the NNPC has still not paid for some January imports and the late payments amount to between $4bn and $5bn, calling it fake and asking if the traders named the marketers they claim they supposedly owe. It was said that under the contract terms, NNPC is meant to pay within 90 days of delivery.
As reported by The Punch News, Olufemi Soneye said, "False. Did they name the marketers they claim we supposedly owe? Let them name them."
Recall that in May last year, President Bola Tinubu announced the end of fuel subsidies, leading to a threefold increase in pump prices. However, following public outcry over the rising cost of living, the Nigerian National Petroleum Corporation (NNPC) soon imposed a price cap on fuel. While this move alleviated some pressure, the subsequent crash of the naira currency effectively reinstated the subsidy, according to industry experts.