Abubakar Garima, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has revealed that the Nigerian National Petroleum Company Limited (NNPCL) owes IPMAN a staggering N15 billion which comes after NNPCL’s recent decision to increase the pump price of petrol to N1,030 per litre.
Garima shared this information on Channels Television’s The Morning Brief programme, stating that “roughly now, they are owing us (IPMAN) getting to N15 billion.”
This debt, coupled with the fuel price hike, has sparked widespread criticism from Nigerians.
The latest price increase has been observed at various NNPCL outlets in Abuja, with many expressing concerns about the impact on the economy and the welfare of citizens.
Economists have warned that the rising fuel costs could push more Nigerians below the poverty line, potentially exceeding the 104 million projected by the World Bank in 2023.
It’s worth noting that IPMAN has previously raised concerns about the federal government’s alleged secret reintroduction of fuel subsidy payments, which could further worsen the economic challenges faced by Nigerians.
Additionally, the association has estimated that Nigeria’s fuel subsidy expenditure might surpass N700 billion monthly.
