Federal Government Confirms NNPCL Launches $6 Billion Debt Settlement

Federal Government Confirms NNPCL Launches $6 Billion Debt SettlementThe Nigerian National Petroleum Company Limited (NNPCL) has initiated efforts to address its outstanding debt, which amounts to $6 billion. This development was confirmed by the Nigerian government through the Ministry of Finance.....KINDLY READ THE FULL STORY HERE▶

During a meeting with investors in Washington, DC, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, reported that NNPCL has begun the repayment process for the debt owed to its suppliers.

Edun highlighted that NNPCL has faced financial difficulties due to the costs of maintaining supply and its substantial liabilities to oil suppliers, which exceed $6 billion.

He remarked, “Regarding NNPC and their situation, while the subsidy was removed on May 29, 2023, and is no longer reflected on the government’s balance sheet, it has manifested in other forms—particularly as a foreign exchange subsidy largely absorbed by NNPC.

“I can confirm that they now have a path to reducing their payables, and I am confident they will begin this process soon. From my understanding, they have already started addressing their outstanding debts.

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