HEDA Writes Nigerian Petroleum Company, NNPCL, Seeks Clarity On $3Billion Emergency Loan To Stabilise Naira

The Human and Environmental Development Agenda (HEDA Resource Centre), a non-profit organisation that seeks to champion transparency, accountability, and robust governance in Nigeria, has formally initiated an information request to the Nigerian National Petroleum Company Limited (NNPCL).

According to HEDA, in a statement issued by its Chairman, Olanrewaju Suraju on Wednesday, the request pertains to the recent acquisition of a $3 billion emergency crude oil repayment loan.

He said, “The obtained loan, secured from the African Export-Import Bank (AFRIEXIM), is intended to fortify the Naira and reinforce the foreign exchange market.

“Concurrently, HEDA acknowledges the potential merits of this endeavor while simultaneously expressing apprehensions about its possible implications for Nigeria’s economy, natural resources, and future prospects.

“Furthermore, the civil society group is keen to understand the specific oil grades or categories being utilized for the negotiation of the loan; the exchange rate to dollar being employed in the terms of the agreement for the crude oil repayment loan; and providing the quantity of oil that is being sold or used as collateral for this particular transaction.

“Manifesting its vigilant oversight role in managing public resources, HEDA through its Freedom of Information has presented a series of pertinent inquiries to NNPC, designed to elucidate the ramifications of the $3 billion crude oil repayment loan. The organization’s overarching objective is to acquire a comprehensive comprehension of the motivation behind the deal and its plausible effects on Nigeria’s economic landscape.”

“As champions of accountability, we firmly believe that these inquiries will serve to illuminate the rationale underpinning the recent loan agreement, along with its potential ramifications for our nation’s economic well-being and overall prosperity,” Suraju added.