How NNPC Subsidiaries Accumulated N22trn Debt

NNPC’s 32 subsidiaries have amassed a staggering N22 trillion in debt over the past year, marking a 155% increase from N8.6 trillion in 2022. The debts primarily stem from operational funding, leases, and processing fees. Significant debt increases are seen in refining units, including Port-Harcourt Refining Company and Kaduna Refining and Petrochemical Company, which have seen their debts rise by over 100%. NNPC’s financial mismanagement, political interference, and inefficiencies in managing its operations and refineries contribute to the mounting debt crisis. The situation highlights ongoing concerns about the company’s viability and operational transparency.