The President Bola Tinubu-led federal government is seeking an additional $2 billion crude oil-backed loan from international creditors to boost its financial inflow.

Sources familiar with the matter disclosed that the loan is being sought to augment the country’s finances, which have been strained in recent times.

Reuters reported on Tuesday that the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, confirmed the development, stating that the national oil company is in talks with international creditors to raise an oil-backed credit facility.

The move comes on the heels of the recent revelation that NNPC is struggling to pay international oil traders a backlog of $6 billion, amid the removal of fuel subsidy.

Kyari assured that the credit facility will help boost the corporation’s finances and allow for investment in the oil and gas sector. He, however, did not disclose the international financial body with which NNPC is in talks, nor the amount it plans to raise from the transaction.

According to him, the cash raised will be used for all of NNPC’s business activities, including supporting production growth.

“We have no problem covering our gasoline payments. This is just money for normal business and not a desperate act,” Kyari said. “It will be a syndication with critical but regular partners who have been in business with our company to forward the cash.”

It could be recalled that NNPC already holds a $3.3 billion oil-backed loan from Afreximbank.


https://politicsnigeria.com/tinubus-government-set-to-borrow-a-fresh-2-billion-crude-oil-backed-loan/

Again

We don enter one chance for this useless tinibus goverment

Ance4Liverpool:
We don enter one chance for this useless tinibus goverment

what will be the impact

Na statistics we go chop?

This man must be stopped!! We are going down as a country everyday yet we are just happy watching...

ilemi:
what will be the impact

A roasted corn 🌽

Jesus Christ

Na wa oo
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I thought Tinubu opined in the past that oil backed loans are outdated? What is this real?

These guys are acting carelessly as though we have a spare country saved somewhere we can run to when this one gets destroyed eventually, playing useless economics with millions of lives.

It is better than Biafra war 2

Nlfpmod, which crude will Dangote refine.......

Wasting time with Emefiele when account linked to BVN of only three individuals can be frozen and forfeited even at international level with funds diverted straight to national coffers, we haven't even spoken of family members. You'll see Nigeria will stabilize instantly but let us keep wasting time with Emefiele's ten ten Kobo case na

mightyhaze:
A roasted corn 🌽

lo ba tan o..

The 2billie is just the down payment for a roasted corn of electricity. Dazall!🤣

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