The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has hinted that the NNPC was working with AfrieximBank to raise $5bn financing for the oil firm.
The hint made by Kyari on Thursday came after the NNPC said it would deduct N127 billion from federal account allocation in February 2022 as fund spent on petrol subsidy.
Kyari said in a post on his official Twitter handle that the $5 billion financing would be used to boost the company’s upstream ventures.
He further said that the loan would equally be employed to facilitate the NNPC’s energy supply programme, saying that it would create opportunities for both partners.
“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,” NNPC boss said.
The Nigerian oil company had specifically told Federation Accounts Allocation Committee (FAAC) that it had to deduct N127 billion from what the three tiers of government would share by next month, describing the fund as value shortfall to be recovered on petrol imports.
In its presentation at the January 2022 FAAC, the NNPC said, “The November 2021 value shortfall recovery on the importation of PMS amounted to N270,831,143,856.56. The recovery consists of November 2021 value shortfall of N220,110,853,427.56 plus the outstanding value shortfall recovery of N50,720,290,429.00 for the month of October 2021.
“The estimated value shortfall of N127,035,585,356.25 is to be recovered from January 2022 proceed due for sharing at the February 2022 FAAC meeting.”
It further stated that the overall NNPC Crude oil lifting of 8.31 million barrels (export and domestic crude) in November 2021 recorded 7.78 per cent increase relative to the 7.71 million barrels lifted in October 2021.
It also said that Nigeria recorded an average production of 1.27 million barrels per day in November 2021, adding that crude kil and gas export revenue received in December 2021 amounted to $5.13m $40.14m respectively.
NNPC equally said in the presentation that the sum of N352,518,463,538.25 was the gross domestic crude oil and gas revenue for the month of December 2021.
