The Nigerian National Petroleum Company Limited serviced its $3 billion loan from Afreximbank with N991 billion in crude oil in 2024. The repayment is part of the Project Gazelle forward-sale agreement signed in 2023.
The deal, meant to stabilize Nigeria’s exchange rate, commits 90,000 barrels of crude daily. The company’s total oil-backed loan obligations are N8.07 trillion, impacting national revenue and raising transparency concerns among experts.