The Nigerian National Petroleum Company Limited (NNPCL) has pledged 272,500 barrels per day, totaling 8.17 million barrels monthly, to repay crude-for-loan agreements amounting to $8.86 billion. These agreements are part of various projects, including Project Panther, Bison, and Eagle Export Funding, aimed at settling debts and financing major initiatives.
The NNPCL has already repaid $2.61 billion, leaving $6.25 billion outstanding. However, ongoing issues like crude oil theft and operational inefficiencies continue to hinder Nigeria’s oil production, which remains far below its peak capacity. Additionally, the company faces pressure from the House of Representatives to halt further oil-backed loans as Nigeria grapples with declining oil output and fiscal challenges.
