According to Mele Kyari, NNPC has successfully paid the debt of $4.68 billion to the International Oil Companies operating within the nation.
This means that NNPC Ltd is now free of any outstanding debts.
According to Punch Newspaper correspondent revealed that as of May 31, 2022, the total cash call debt was $4.68bn while NNPC cleared $3.81bn leaving an outstanding balance of $873.34m, But as of 2023, the debt according to the Nigerian Extractive Industries Transparency Initiative, has risen to $2.4bn.
This significant milestone was reached after all subsidies were completely eliminated.
Kyari commended Tinubu for having the courage to remove the subsidy, acknowledging that while the subsidy removal may cause temporary financial strain, it will encourage more prudent use of energy.
The economy President Tinubu is navigating will stand the test of time.
Other Sources:
https://x.com/DavidsOffor/status/1856304910825840821
https://www.businessamlive.com/nnpc-clears-4-68bn-cash-call-debt-to-iocs-following-petrol-subsidy-removal/
https://thenationonlineng.net/nnpcl-pays-4-68b-debt-to-iocs/amp/
https://punchng.com/nnpcl-ends-n24tn-fuel-import-buys-from-dangote-refinery/?amp
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