For the $3.3 billion Afrexim loan, NNPCL will pay taxes and royalties.

today01/22/2024 3

share close

The Nigerian National Petroleum Company Limited, on Sunday, said it would prepay future royalties and taxes to the Federal Government from the $3.3bn financing deal it got from African Export-Import Bank last year.
NNPCL disclosed this in a document titled, ‘Frequently Asked Questions – Project Gazelle’, released by its Chief Corporate Communications Officer, Olufemi Soneye, on Sunday night.
On August 17, 2023, A reported that the NNPCL announced that it had secured a $3.3bn emergency crude oil repayment loan from the African Export-Import Bank.
It explained that the loan would be used by the oil company to support the Federal Government in stabilising Nigeria’s exchange rate.
The company also stated that it adopted a lower price benchmark for the $3.3bn crude-for-cash loan to reduce the risk of default and ensure financial stability.


Written by: bossgmsi

Rate it

Previous post


Netanyahu rejects Hamas deal to end war

Israel’s Prime Minister Benjamin Netanyahu has outrightly rejected a proposal by Hamas to end the war and release captives in exchange for withdrawing Israeli forces, releasing prisoners and accepting the armed group’s governance of Gaza. While speaking on Sunday, Netanyahu, who is under pressure to bring the captives home, rejected the offer , stating that accepting Hamas’s conditions would mean that Israel’s soldiers had “fallen in vain”. Recall the Hostages […]

today01/22/2024 8

Post comments (0)

Leave a reply

Your email address will not be published.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

Our customer support team is here to answer your questions.
error: Alert: Content is protected !!