A former Chief Executive Officer of the National Petroleum Authority (NPA) has hinted of fuel shortage in the country if the government does not intervene in providing foreign exchange to the banking sector immediately.
Mr. Mould who was also a former Executive Director of Standard Chartered bank indicated that, banks are not providing sufficient foreign currency needed to meet the payment of their maturing Letter of Credits (LCs) issued to international fuel traders.
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The current situation, if not addressed, could prove disastrous for the country as this could trigger a domino effect and even imports of essential commodities could come to a grinding halt.
As it stands, not only fuel shortage is imminent, but food items such as rice, sugar, protein food (fish, meats) and bakery products. It could be a bleak Christmas this year,” he added.
