The Federal Government of Nigeria, through the Finance Ministry, has announced that the Nigerian National Petroleum Company Limited (NNPCL) has commenced the process of paying off its debt.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, who made this disclosure on Wednesday, 23 October, 2024 while addressing investors during a meeting in Washington, DC, stated that the NNPCL has initiated the process of settling the $6 billion debt it owes to its suppliers.
Thegazellenews.com recalls that the NNPCL admitted to experiencing financial strain due to the cost of sustaining supply and its indebtedness to oil suppliers, which amounts to over $6 billion.
“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,” Edun said.
“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.”
