NNPCL plans to repay $6bn debt to petrol suppliers, despite foreign exchange challenges.

The Nigerian National Petroleum Corporation Limited (NNPCL) plans to repay its $6 billion debt to petrol suppliers, as announced by Finance Minister Wale Edun during an investor meeting in Washington, D.C. Edun stated that despite the removal of fuel subsidies in May 2023, the NNPCL faces challenges related to foreign exchange costs. The company has initiated a structured plan to address its financial obligations and is expected to start payments soon.

October 24, 2024
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