NNPC Seeks New Oil-Backed Loan To Boost Finances - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

NNPC Seeks New Oil-Backed Loan To Boost Finances

The Source by The Source
July 10, 2024
in News
0
NNPC Seeks New Oil-Backed Loan To Boost Finances
0
SHARES
33
VIEWS
Share on Facebookshare on whatsappShare on Twitter

Nigeria’s NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive told Reuters, as pressure mounts on the state-backed oil company the economy depends upon.

The Nigerian National Petroleum Corporation (NNPC), in which the government is the main stakeholder, aims to raise at least $2 billion, two sources familiar with the situation said.

Its debts to gasoline suppliers have doubled in the last four months to hit $6 billion.

Nigeria’s government finances rely on the oil the NNPC exports and oil provides the bulk of crucial foreign exchange reserves. But pipeline theft, and years of underinvestment, have sapped oil production in recent years, and the cost of gasoline subsidies has further depleted cash reserves.

Northern Nigeria’s governance paradox: In search of late Sardauna of Sokoto
Suspected kidnapper nabbed after collecting ransom in Yobe
President Bola Tinubu has been struggling to push through reforms in Africa’s biggest oil exporter – including eliminating fuel subsidies and allowing the naira currency to trade close to market levels – without pushing the country’s population to a cost-of-living breaking point.

NNPC chief Mele Kyari confirmed the company wanted a loan against 30,000-35,000 barrels per day of crude production, but declined to say how much money it sought. He said the cash raised would be used for all of the 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 told Reuters.

“It will be a syndication with critical but regular partners who have been in business with our company to forward the cash,” he said, adding he expected to conclude the deal in the next two months.

NNPC already has a $3.3 billion oil-backed loan through Afreximbank, but five sources said the company’s lack of cash had been aggravated by rising fuel subsidy costs, and that the new loan would help it to pay them.

It is unclear which lender would arrange the loan, as three sources said Afrexim would be unable to extend its exposure to Nigeria that far. All five sources who spoke to Reute

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Tags: FinancesNNPCOil-Backed Loan
Previous Post

NASFAT President Congratulates Britain’s New Prime Minister, Seeks Collaboration

Next Post

Breaking: Oyo Rep, Akinremi ‘Jagaban’ Is Dead

The Source

The Source

Related Posts

Tinubu advocates collaboration to ease global Challenges
News

Osun Leaders of Thought Vow to Resist Any Attempt to Sabotage Tinubu’s Administration

by The Source
June 7, 2025
OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents
News

OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents

by The Source
June 7, 2025
One Year Of President Bola Ahmed Tinubu, How Far Nigeria? – Fadojoe
News

Fadojoe Sends Eid al-Adha Message of Hope and National Renewal to Nigerians

by The Source
June 6, 2025
Erinpa Chief Imam Urges Nigerians to Embrace Love, Unity on Eid al-Adha
News

Erinpa Chief Imam Urges Nigerians to Embrace Love, Unity on Eid al-Adha

by The Source
June 6, 2025
Eid-El-Kabir: Hon. Oluwole Oke Felicitates Ijesa North Muslim Community
News

Eid-El-Kabir: Hon. Oluwole Oke Felicitates Ijesa North Muslim Community

by The Source
June 6, 2025
Next Post
Breaking: Oyo Rep, Akinremi ‘Jagaban’ Is Dead

Breaking: Oyo Rep, Akinremi ‘Jagaban’ Is Dead

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • Osun Leaders of Thought Vow to Resist Any Attempt to Sabotage Tinubu’s Administration
  • OSUN: Encomium as President Tinubu’s SSA Protocol, Issah Niniola Empowers Widows, Grades Roads, Doles Out Cash, Rams To Residents
  • Fadojoe Sends Eid al-Adha Message of Hope and National Renewal to Nigerians

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In