In an effort to provide immediate disbursement and support the Federal Government’s monetary and fiscal policies to stabilise the exchange rate market, NNPC Limited has signed a Commitment Letter and Term Sheet with AfreximBank to secure a $3 billion crude oil repayment loan.
Thank you for reading this post, don't forget to subscribe!The agreement was jointly signed in Cairo, Egypt, and is intended to assist in the overall goal of stabilising the naira.
The loan comes after a 13.6% drop in daily crude oil production in July, which had a significant impact on the country’s revenue from crude oil exports.
The Nigerian Upstream Petroleum Regulatory Commission recorded a daily average of 1.08 million barrels per day in July, compared to 1.25mbpd in June, leaving the government’s production target of 1.69 million barrels per day in the 2023 budget in jeopardy.
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