Tinubu to continue Crude for Loan Deal till 2029
NNPC to continue the crude-for-loan deals in 2024 up till 2029. Despite being a significant oil producer and net exporter, Nigeria imported 47,000 barrels daily of US oil in 2024, which experts describe as unusual for an oil-producing country.
The development comes amid reports saying that the Nigerian National Petroleum Company Limited (NNPCL) will continue to service its crude-for-loan obligations until 2029 as the demand for crude by local refineries rises.
NNPC’s debts come from several crude-for-loan arrangements that tied Nigeria’s crude oil production to several financial obligations. However, the report states that the Lekki-based mega refinery and other new facilities in the global south have changed the flow of crude amid sanctions on Russian oil.
