According to the report on Thursday, the development comes as the Nigerian National Petroleum Company Limited strives to cover the gap between fixed pump prices and international fuel costs.
“The company has still not paid for some January imports, traders said, and the late payments amount to $4 billion to $5 billion,” the publication said.Under contract terms, the report said the NNPC is obligated to pay within 90 days of delivery. According to sources, at least two suppliers have already withdrawn from current tenders after reaching their self-imposed debt exposure restrictions to Nigeria.This means they would not provide any more petrol unless they are paid, Reuters added.
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