The Group Managing Director of the Nigerian National Petroleum Company, NNPC Limited Mele Kyari says the agency is was working with AfrieximBank to raise five billion dollars financing for the oil firm.
Kyari’s announcement is coming as the national oil firm told the
Federation Accounts Allocation Committee, FAAC that it would deduct
127 billion naira from allocation in February 2022 being fund spent on
fuel subsidy.
The NNPC Boss said the 5 billion dollars financing would be used to
boost the company’s upstream ventures, adding that the loan would also
be used to facilitate the NNPC’s energy supply programme, adding that
it would create opportunities for both partners.
The NNPC is the sole importer of petrol into Nigeria and subsidises the
commodity, hence it deducts the money it spends on petrol subsidy from
what it remits to FAAC monthly.
