‘Unties’ – Nigeria refused a report on the collapse of the Aramco $ 5 billion loan agreement

The federal government has opened controversy about the record of a $ 5 billion loan agreement between Nigeria and Aramco, a Saudi State Oil Company.

Ripples Nigeria reported that the record agreement was being threatened by a decrease in crude oil prices and decreased production.

There are also concerns that developed regarding the reluctance of banks to bear the agreement.

Nigerian National Petroleum Company Limited (NNPC LTD) also serves more than 300,000 barrels per day (BPD) to pay several loans supported by oil, including $ 3 billion loans from African export-import banks (Afreximbank) to support Naira and stabilize the foreign exchange market.

Reacting to a statement on Wednesday, Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, said that the claims that predict the failure of the initiative are not based.

Also read: Demoration of Oil Prices, Low Production Threatens a loan of $ 5 billion in Saudi Oil Company to Nigeria

Manga said market speculation was a common event during the reform period and economic transactions.

The statement reads: “The Federal Nigerian government knows the latest media reports on the potential sales of crude oil involving the Nigeria National Petroleum Company Limited (NNPC Ltd).

“While market speculation is not uncommon in the context of economic reform and ongoing transactions, there is no final decision announced by the government, and comments that show the collapse of such initiatives are not based.

“The government remains focused on spreading various innovative, transparent, and fiscal financing strategies to optimize Nigerian oil assets, increase external liquidity, and strengthen macroeconomic stability.”

By: Babajide Okeowo