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NNPCL Begins Process of Repaying $6 Billion Debt – FG

Posted by Thandiubani on Thu 24th Oct, 2024 - tori.ng

This was confirmed by the Nigerian government through the Ministry of Finance during a meeting with investors in Washington, DC, on Wednesday.

Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun has revealed that the Nigerian National Petroleum Company Limited (NNPCL) has began steps to settle its outstanding debt of $6 billion.

He made the confirmation during a meeting with investors in Washington, DC, on Wednesday.

It is worth noting that the NNPCL has acknowledged facing financial challenges due to the expenses associated with maintaining supply and its liabilities to oil suppliers, which exceed $6 billion.

However, in his address on Wednesday, Edun said: “In terms of NNPC and their situation, the reality is that although the subsidy was removed on May 29, 2023, and is no longer on the government’s balance sheet, it did rear its head—not in terms of petrol subsidy, but foreign exchange subsidy, which was borne elsewhere, mainly by NNPC.

“I think what I can say about their situation now is that they have a route to paying down their payables, and I’m sure that in no time, they will start.

“From what I understand, they have even commenced the process of paying down their payables.”