Home Business NNPC to deduct N127bn from FAAC, plans $5bn AfrieximBank loan

NNPC to deduct N127bn from FAAC, plans $5bn AfrieximBank loan


The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, on Thursday announced that the NNPC was working with AfrieximBank to raise $5bn financing for the oil firm.

Kyari announcement came as the national oil firm told the Federation Accounts Allocation Committee that it would deduct N127bn from FAAC allocation in February 2022 being fund spent on petrol subsidy.

In a tweet via his official Twitter handle, the NNPC boss stated that the $5bn financing would be used to boost the company’s upstream ventures.

He added that the loan would also be used to facilitate the NNPC’s energy supply programme, adding that it would create opportunities for both partners.

Kyari said, “Afreximbank working with NNPC Ltd to raise $5bn financing to support our upstream businesses and facilitate energy supply and transition. Opening gate for many more opportunities of collaboration with Afreximbank.”

This came as the oil company made it clear to FAAC that it would deduct N127bn from what the three tiers of government would share by next month, describing the fund as value shortfall to be recovered on petrol imports.

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