The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Garima, has disclosed that the Nigerian National Petroleum Company Limited (NNPCL) is indebted to the association to the tune of nearly N15 billion. Garima made the revelation during an appearance on Channels Television’s The Morning Brief on Thursday, expressing concerns over the mounting debt.
“Roughly now, they are owing us [IPMAN] getting to N15 billion,” Garima stated when asked about the financial standing between the two organizations.
This announcement comes on the heels of a recent hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with NNPCL raising the price to N1,030 per litre. This price surge, observed at various NNPCL outlets in Abuja, has triggered widespread criticism, as Nigerians continue to grapple with rising costs and economic hardship.
Economists have previously warned that such price increases could exacerbate poverty levels, with the World Bank projecting that the number of Nigerians living below the poverty line could surpass 104 million in the near future.
