Nigeria: National Fuel Stock Runs Out in Seven Days - Major Crisis Looms from allAfrica.com

Lagos — A mega fuel scarcity, which could make the current and past ones look like a child's play, is looming following disclosure at the weekend that the Nigerian National Petroleum Corporation (NNPC), the lone importer of the product, is running short of it.

Investigation showed that the national fuel stock will be depleted in seven days' time.

NNPC Spokesperson, Levi Ajuonuma, did not pick calls to his mobile telephone at the weekend.

A text message sent to the line was also not answered, but a source at the NNPC said an order has been placed, which would take not less than two weeks to arrive.

"Yes, they just gave out an order for February deliveries for 24 cargoes, which would start arriving from February 8. Current stock level/sufficiency is two weeks," the source said.

For the first time since the scarcity started over six weeks ago, the government has admitted that there is a wide gap in supply which the NNPC cannot fill.
Minister of State for Finance, Remi Babalola, disclosed at the weekend that the NNPC, which owes the government N450 billion, has cash flow hiccup.

He explained that the Federal Account Allocation Committee (FAAC) does not have a problem with the NNPC.

"There would be a problem if the debtor said it does not agree it was owing. But this is a debtor that has owned up, and has even spoken that there is no debate about the fact that it is owing N450 billion.


"The problem now, however, is the cash flow situation, and how it would be able to pay back the money," he stated.

Babalola was speaking to journalists at a workshop organised by the NNPC for members of the FAAC.

Minister of State for Petroleum, Odein Ajumogobia, said in Lagos that since marketers stopped importation, the NNPC has tried hard to fill the gap without success.

He spoke at a meeting with oil marketers, depot owners, National Union of Petroleum and Natural Gas Workers (NUPENG), the Department of Petroleum Resources (DPR), and the Petroleum Products Pricing Regulatory Agency (PPPRA).