By Muhammed Shaeed
October 24th, 2024
To pay off the debt nestled on the neck of Nigerian National Petroleum Company Limited (NNPCL), the Nigerian government, through the Finance Ministry, has announced the commencement of the process.
The announcement was made on Wednesday in Washington DC by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun while addressing investors during a meeting.
“In terms of NNPC and their situation, the reality is that although the subsidy was removed on May 29, 2023, and is no longer on the government’s balance sheet, it did rear its head—not in terms of petrol subsidy, but foreign exchange subsidy, which was borne elsewhere, mainly by NNPC.
“I think what I can say about their situation now is that they have a route to paying down their payables, and I’m sure that in no time, they will start.
“From what I understand, they have even commenced the process of paying down their payables,” Edun said.