The Nigerian National Petroleum Company Limited (NNPCL) has secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank.
In a short statement disclosing the deal, the NNPCL said the commitment letter, which was signed at AFREXIM Bank’s headquarters in Cairo, Egypt on Wednesday, will enable it to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market.
READ ALSO: Tinubu Allays Fears Of Petrol Price Increase
The short statement reads, “The NNPC Ltd. and @afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.
“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.”
More to follow…
Throughout history, some individuals have endured extraordinarily long prison sentences, with their stories reflecting the…
There is growing tension in Modakeke, Osun State, following the alleged arrest of two lovers,…
A victim of the stampede that occurred in Ibadan, Oyo State capital, which has claimed…
The vibrant Osun State is no stranger to captivating events and headlines that draw attention…
As of today, December 22, 2024, the Nigerian naira has depreciated to an unprecedented level…
Osun Country Club (OCC) has announced that it is set for the grand launching of…
This website uses cookies.