₦8.4tn Withheld Reps NNPCL
The Nigerian National Petroleum Company Limited (NNPCL) has begun the process of addressing its outstanding debt of over $6 billion, a development confirmed by the Nigerian government through the Ministry of Finance.
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EKO HOT BLOG reports that during a meeting with investors in Washington, DC, on Wednesday, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed that the NNPCL has started the procedure to repay the $6 billion it owes to its suppliers.
The NNPCL has been grappling with financial challenges stemming from the costs associated with maintaining fuel supply and its liabilities to oil suppliers, which now exceed $6 billion.
In his address, Edun explained the broader context of NNPCL’s financial difficulties, stating, “Although the subsidy was removed on May 29, 2023, and is no longer on the government’s balance sheet, it has resurfaced—not in terms of petrol subsidy, but as a foreign exchange subsidy, which was primarily borne by NNPCL.”
NNPCL Repayment Debt
He further reassured stakeholders about the repayment process, saying, “NNPCL has a clear route to paying down its liabilities, and from what I understand, they have already commenced the process of settling their payables. I’m confident they will continue making progress in the coming months.”
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