Tinubu’s administration owes Nigerians an explanation for the NNPC $3.3bn emergency loan.

In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.

The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.

The deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank.

According to information available, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.

The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.

What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.

Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.

Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12bn.

It is on this note that we are calling on the Federal Government to speak up on this shady deal.

It is inconceivable that the Federal Government will lead the country to take a loan of $3.3b with an interest rate that is not more than 12 per cent, but with estimated repayment amounting to $12bn.

That is a humongous differential of about $7b between what is in the details of the deal on paper and what indeed is the reality.

There are questions to be answered on the integrity of this deal, and we earnestly request the Federal Government to talk directly on these cloudy details behind the deal.

We therefore demand, on behalf of the ordinary people of Nigeria, that the Federal Government provides answers to the following questions.

1. Has the Federal Government accessed the loan?
2. Is the loan in the government’s borrowing plan as approved by the National Assembly?
3. Who are the parties to the loan, and what specific roles are they expected to play?
4. What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate?
5. And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?

-AA

Atiku Abubakar

The tragedy is that Tinubu is incompetent but tribalism and religious bias will never allow us see beyond our nose and the catastrophic impact ahead!

Yesterday Someone asked How did PDP manage to keep the $ Dollar below 200 Naira for 16 years.

Those who said GEJ should not remove subsidy when we had the best opportunity are singing it was politics today.

Those who said the retired drug dealer is coming with a magic wand are buying fuel for 650 per litre.

The Judges who gave dollar induced judgements to sustain criminals and illegality can no longer buy thier drugs because inflation have rubbished thier salaries.


They allocated 10 billion for student loans for over 30 million students and allocated double that to build car parks for 360 people who already have car parks.

We thought Nepotism disappeared with Buhari but Tinubu is Nepotism Pro Max, his Lagos Boys are practically incompetent and $1 is almost ₦1500 today

May the current Nigeria Never Happen to You in Jesus Name !!!!

I find it incredibly funny that Atiku who was the originator of SUV would accuse others of his own legacy criminality. Atiku should have provided a proof if anything at all was close to being true than grandstanding on Twitter with baseless allegation. Ever since he embarked on a wild goose chase that further exposed his desperation, i have learnt to drop Atiku in the level of rumour mongers.

-kiss the truth!

Atiku also owes us explanations on what happened to NITEL, sale of government assets and $16billion wasted on power projects. He'd also need to explain the special purpose vehicle Achimugu accused him to have formed to steal from government.

After that, he can come to equity.

Okay

I see what is happening with the losers of the last presidential elections.

Obi no wan gree for Atiku, Atiku sef no wan gree for Obi.

The contest of which of the prolific political prostitutes would one day achieve their presidential ambitions, albeit not as Tinubu achieved his with much confidence on the very 1st attempt, has began.

In this life, know how to be patient and how to identify your turn, so that victory will be certain.

TimeManager:
I find it incredibly funny that Atiku who was the originator of SUV would accuse others of his own legacy criminality. Atiku should have provided a proof if anything at all was close to being true than grandstanding on Twitter with baseless allegation. Ever since he embarked on a wild goose chase that further exposed his desperation, i have learnt to drop Atiku in the level of rumour mongers.

-kiss the truth!

Attacking the messenger in a bid to render the message irrelevant.


Classic agbado urchin maneuver.

No one is truly talking about the money and its purpose again.

Naira is currently on a free fall without any hope in the sight.

I hope each Nigerians knows how much that the governments have helped to borrow on their behalf.

ochejoseph:
Yesterday Someone asked How did PDP manage to keep the $ Dollar below 200 Naira for 16 years.

Those who said GEJ should not remove subsidy when we had the best opportunity are singing it was politics today.

Those who said the retired drug dealer is coming with a magic wand are buying fuel for 650 per litre.

The Judges who gave dollar induced judgements to sustain criminals and illegality can no longer buy thier drugs because inflation have rubbished thier salaries.


They allocated 10 billion for student loans for over 30 million students and allocated double that to build car parks for 360 people who already have car parks.

We thought Nepotism disappeared with Buhari but Tinubu is Nepotism Pro Max, his Lagos Boys are practically incompetent and $1 is almost ₦1500 today

May the current Nigeria Never Happen to You Amen!!!!

How much dollars did PDP leave for Buhari in our reserves?. We can't forget #Dasukigate.

-kiss the truth!

EbolaTinubu is a great thief. He has shared the money amongst his cronies and his fellow criminals.

As a patriotic EMILOKAN family with the motto of "THIS GOVT WILL FAVOUR ME AND MY FAMILY" let's leave the message and attack the messenger.



ATIKU THE DUBAI LANDLORD WILL NOT KEEP HIS MOUTH SHUT.
ATITKU THE 4 TIME FAILURE WILL NOT GO AND RETIRE IN DUBAI PEACEFULLY.

TimeManager:
I find it incredibly funny that Atiku who was the originator of SUV would accuse others of his own legacy criminality. Atiku should have provided a proof if anything at all was close to being true than grandstanding on Twitter with baseless allegation. Ever since he embarked on a wild goose chase that further exposed his desperation, i have learnt to drop Atiku in the level of rumour mongers.


-kiss the truth!

You need to change. Tribalism has rendered your brain useless

APC is a disaster

Okay, PO don teach this one work. Rather than stay quiet in Dubai as he used to do, not to be outdone, he has now decided to join bad gang and also try and stay relevant.

He should at least know that since the PIB is now being implement, NNPC LTD now becomes a limited liability company, so we expect to see their financial reports annually.

Ok

[quote author=Shawnnn01 post=128123841]Wonder they say shall never end. Imagine this is coming from Atfhiefku.[/quote

The old man owes me nothing cuz I never expected anything much from him. Running naija affairs is different from running a drug cartel

TimeManager:

How much dollars did PDP leave for Buhari in our reserves? We can't forget #Dasukigate.

-kiss the truth!

Are you sure you are a human being?

This tinubu na real cr*******k

TimeManager:

How much dollars did PDP leave for Buhari in our reserves?. We can't forget #Dasukigate.

-kiss the truth!

Here is the truth I have kissed it;

The Jonathan government left a foreign reserves of $29. 6 billion for the incoming government and $5.2 billion was left for the Buhari administration by way of dividend payments from the NLNG and $2.07 Billion was left in the excess crude account.

Source:
https://saharareporters.com/2019/01/03/jonathan-i-didn%E2%80%99t-leave-empty-treasury-buhari%E2%80%8B#:~:text=%E2%80%9CIn%20addition%20to%20that%2C%20the,dividend%20payments%20from%20the%20NLNG.

In a saner country,Atiku should have been bundled to US to share a jail room with Jefferson as partner-in-crime.

-kiss the truth!

Alaye oya shalaye

Tinubu is in competition with Buhari on loans, insecurity and looting

First of all define the word Nigerian as you understand it Atiku

Just this past week, UBA delivered $2.5billion out of total $3.3billion.
UBA is the local arranger and onshore account bank, AFREXIM is the lead arranger while UBA. Sahara Energy and Guvnor are sub-lenders.
If there is any excess cash sales, 90% would be returned to the borrower and 10% used to service the loan facility. So, where is Atiku getting his fabricated bullshit from?, could be another David Hundeyin pulling Atiku's balls yet again. Bunch of losers.

-kiss the truth!

These are very good questions. We need answers from the govt.

Watch us ignore the message and lambast the messenger. Na our way. Meanwhile na we dey suffer am. Talk about Stockholm syndrome.