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…
Followers of the ongoing Guinness World Records Read-A-Thon are waiting with keen spirits and optimism…
Starting a new job can be an exciting yet nerve-wracking experience as you step into…
The Osun State Polytechnic, Iree Alumni Association (OSPPA) has called on Nigerians and the people…
The Federal Government is set to introduce Citizenship Studies as compulsory subjects at all levels…
Operatives of the Nigerian Security and Civil Defense Corps, (NSCDC) in Niger State have arrested…
The British High Commission in Nigeria has explained why it failed to acknowledge the presence…
This website uses cookies.