The Nigerian National Petroleum Company (NNPC) Limited and Afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.
NNPC in a statement said, the signing, took place on Wednesday at the bank’s headquarters in Cairo, Egypt.
The Company said, the pact would provide some immediate disbursement that would enable the NNPC Ltd to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.
Tinubu’s Official Spokesperson, Chief Ajuri Ngelale said, “This new FX accretion is to enable NNPCL defray taxes & royalties in advance and provide the FGN w/ USD liquidity to stabilize NGN via incremental releases based on FGN needs. Stronger NGN = Lower Fuel Costs. This is a major buffer against the need to re-engage in subsidy regime”.
