, NNPC $3.3bn emergency loan: You owe Nigerians explanation – Atiku to Tinubu -

NNPC $3.3bn emergency loan: You owe Nigerians explanation – Atiku to Tinubu

In the most recent general election, Atiku Abubakar, the Peoples Democratic Party’s (PDP) presidential candidate, declared that Nigerians were entitled to an explanation from the Bola Tinubu administration regarding a $3.3 billion emergency crude repayment loan that was obtained by the Nigeria National Petroleum Company Limited (NNPCL) on August 16, 2023.

Remember that the current administration obtained the loan through the NNPCL on August 16, 2023? According to the top petroleum firm, this loan was obtained to strengthen the Naira and stabilize the foreign exchange market.

The strange thing about the transaction, according to Atiku, is that the Federal Government hasn’t mentioned anything about it until now. The public can only learn about the massive purchase from unauthorized sources, such as the NNPCL.


The African Export-Import Bank is alleged to have brokered the loan in exchange for oil.

Based on available information, Project Gazelle Funding Limited, a Special Purpose Vehicle that was created in the Bahamas, is in charge of the transaction.

With an agreement to pay the SPV with crude oil in order to extinguish the debt at an interest rate of slightly over 12 percent, the NNPCL is the sponsor and the SPV is the borrower.

The former vice president pointed out that the reason the federal government would register a corporation in the Bahamas while it was fully aware of the country’s involvement in the recent Paradise Papers affair was even more puzzling about the agreement.

The former presidential candidate noted that it is interesting that, in accordance with the terms of the Project Gazelle agreement, Nigeria is required to supply 90,000 barrels of its daily production beginning in 2024 and continuing until it reaches 164.25 million barrels for the repayment of the loan. Currently, Nigeria’s BPD is 1.38 million barrels.

The facts become unsettling at this point since Nigeria has set a standard of $77.96 per barrel for the selling of petroleum in 2024. “Just multiplying that amount by 164.25 will yield an astounding $12 billion,” he continued.

On this point, we are requesting that the Federal Government comment on this dubious arrangement.It is unthinkable that the federal government would force the nation to take out a $3.3 billion loan with an interest rate of no more than 12% and an estimated $12 billion in payback.

“There is a massive discrepancy of almost $7 billion between the deal’s paper specifics and its actual terms.

There remain unanswered doubts regarding the integrity of this transaction, and we humbly ask the Federal Government to have a straight conversation about these murky details.

Therefore, we demand that the Federal Government respond to the following queries on behalf of the common Nigerian citizen.

Has the loan been accessed by the federal government?

Is the loan included in the borrowing plan that the National Assembly has approved? What particular roles are anticipated of the parties to the loan, and who are they?

What are the terms of the loan, including the interest rate, collateral, tenure, and terms of repayment? Lastly, given the recent controversy surrounding the Bahamas’ reputation for holding filthy assets, why form an SPV there? He asked.

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