Presidential aide, Bayo Onanuga, says the Nigerian National Petroleum Company Limited (NNPCL) Limited admitted to having financial constraints because it can no longer subsidise petrol.

Onanugu, the Special Adviser on Information and Strategy to President Bola Tinubu, disclosed this in a post on X on Tuesday.

Onanuga said NNPC’s debt was a result of the company’s efforts to absorb rising petrol costs and protect Nigerian consumers, rather than any government deception.

He said the situation has greater implications for the ability of the three tiers of government to function as the NNPC has failed to pay into the Federation Account, the money that should go to the government.

Onanuga further explained that there are no easy choices. Something must be done to make NNPC survive, and keep the engines of government running and petrol flowing at the pumps.

He however assured that  when Dangote Refinery and other refineries, including government-owned Port Harcourt Refinery, come fully on stream, our country and economy will benefit on all fronts.

There will be many good paying jobs that will be created along the value chain.”

According to Onanuga, there will also be a drop in the huge demand for foreign exchange to import petroleum products.