Atiku Urges Tinubu to Clarify $3.3bn NNPC Loan Deal

The 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has called upon President Bola Tinubu to provide an explanation regarding the $3.3 billion emergency crude repayment loan obtained by the Nigerian National Petroleum Company Limited (NNPCL). The loan, secured on August 16, 2023, was intended to bolster the naira and stabilize the foreign exchange market.

Facilitated by the African Export-Import Bank, the $3.3 billion crude-for-cash loan was not only designed to support the Nigerian government’s monetary and fiscal reforms but also aimed at addressing the country’s economic challenges. Three weeks ago, a significant portion of the funds, totaling $2.25 billion, was received by the Federal Government from the African Export-Import Bank as part of the $3.3 billion foreign exchange facility.

As concerns and questions surround the utilization of the loan, Atiku’s call for accountability puts the spotlight on President Tinubu to elucidate the details and ensure transparency in the handling of the substantial financial transaction.