Contrary to a statement credited to the Hon. Minister of state for Finance, Mr. Remi Babalola that the NNPC is insolvent, the Management of the Corporation Tuesday canvassed strong arguments to the contrary.

Group General Manager Group Public Affairs of the Corporation Dr. Levi Ajuonuma stated that the Corporation was not incapable of meeting its financial obligations to its partners and stakeholders.

"We cannot be classified as insolvent when we have a healthy cash flow and we can pay for our crude and product importation obligations. While it is true that the national indebtedness to the NNPC is putting pressure on our operations, nonetheless we are able to meet all our obligations. We therefore cannot be said to be insolvent," Ajuonuma stated.    

He explained that the Corporation is being owed N1.156 trillion by the Federal Government as a result of petroleum subsidies which if reimbursed would enable the NNPC to offset the N450 billion debt being owed the Federation Account Allocation Committee, FAAC.

He said that the NNPC will continue to play its central role of ensuring steady and efficient supply of petroleum products throughout the country and urged Nigerians and its Joint Venture Partners to remain calm.