Dr. Chijioke Ekechukwu, an economist and Managing Director of Dignity Finance and Investment Ltd., has expressed concern over the Nigerian National Petroleum Company Limited’s (NNPC Ltd.) $6 billion debt to fuel suppliers, warning that it could damage Nigeria’s global credit rating. In an interview with the News Agency of Nigeria (NAN), Ekechukwu stated that this financial strain could further destabilize Nigeria’s fragile economy.
Thank you for reading this post, don't forget to subscribe!The NNPC Ltd. recently acknowledged the debt and its impact on fuel supply sustainability, raising concerns about the country’s economic stability. Ekechukwu emphasized that NNPC must urgently address its obligations to creditors to maintain the country’s credibility. He also highlighted the risk of inflation following the recent hike in Premium Motor Spirit (PMS) prices from ₦617 to ₦897 per litre, with independent marketers selling between ₦930 and ₦1,000. He warned of rising inflation and economic hardship, leading to increased crime rates across the country.
