The Nigerian National Petroleum Company (NNPC) Limited has pledged 221,000 barrels per day (bpd) of crude oil to fulfill its debt financing obligations, which amount to $5.5 billion.
According to the company’s 2023 Audited Financial Statement, 90,000 bpd is committed to servicing a $3.3 billion loan for the Project Gazelle Forex stabilization, coordinated by Afreximbank.
Additionally, 35,000 bpd was pledged for a $1 billion loan used to acquire a stake in the Dangote Refinery, which has since been fully repaid.
Another 67,000 bpd is allocated for a $1 billion debt for the rehabilitation of the Port Harcourt Refinery.
For other projects, the NNPC pledged 8,000 bpd and 21,000 bpd to cover $0.3 billion and $0.950 billion loans, respectively, related to OML 86/88 acquisition and a general corporate purpose loan, both now fully repaid by NNPC Exploration and Production Limited (NEPL).
In its 2023 financial year, NNPC reported a net profit of N3.297 trillion, reflecting a 28% increase from the previous year’s profit of N2.548 trillion.”