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Crude-For-Loans: NNPCL Votes 8m Barrels Monthly For $8.8bn Debt

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The Nigerian National Petroleum Company Limited has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn.
By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis.
This is according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements.
Under these deals, notable projects include Project Panther, Project Bison, Project Eagle Export Funding (Original, Subsequent, and Subsequent 2 Debts), Project Yield, and Project Gazelle.
According to The Tide’s source, NNPC has already fully repaid $2.61bn in loans, representing 29.4 per cent of the total credit facility, while $6.25bn or 70.6 per cent, remains outstanding.
Also, out of the $8.86bn credit facility, only about $6.97bn has been received from seven crude-for-loan deals.
One of the key projects, Project Panther, involves a joint venture between NNPC and Chevron Nigeria Limited, backed by international and local banks.
The project secured a $1.4bn loan facility, with 23,500bpd pledged to service the debt. Repayment is set to commence after a moratorium, with financing terms including an SOFR (Secured Overnight Financing Rate) plus 5.5 per cent margin and a liquidity premium.
Another significant deal is Project Bison, tied to NNPC’s attempt to acquire a 20 per cent equity stake in the Dangote refinery. However, the national oil company only acquired a 7.25 per cent stake.
The project secured a $1.04bn loan from Afrexim Bank, with 35,000 bpd pledged as collateral. NNPC fully repaid this loan in June 2024.
Project Eagle Export Funding comprises three separate loans aimed at meeting various financial obligations.
The original loan, secured in 2020 for $935m, was serviced with 30,000 bpd and was fully repaid by September 2023.
A subsequent loan of $635m was also fully repaid by the same period. The third tranche, known as Project Eagle Export Funding Subsequent 2 Debt, was secured in 2023 for $900m, with 21,000 bpd pledged. Repayment is scheduled to begin in June 2024, and the loan will mature in 2028.
Project Yield, designed to support the Port Harcourt Refining Company, involves a $950m loan, with 67,000 bpd pledged for repayment.
The repayment of the loan, secured in 2022, will begin in December. This seven-year facility is crucial to refurbishing the refinery and enhancing domestic refining capacity.
However, despite this crude-for-loan arrangement, The Tide reports that fuel production at the Port Harcourt refinery has yet to commence, despite multiple postponements as of August. Promises from the Federal Ministry of Petroleum Resources and NNPC have repeatedly fallen through.
More recently, there was the Project Gazelle deal, which aimed to stabilise Nigeria’s foreign exchange market.
In December 2023, NNPC secured a $3bn forward sale agreement, pledging 90,000bpd from Production Sharing Contract assets to cover future tax and royalty obligations.
As of the end of 2023, $2.25bn had been drawn from this facility, with repayments scheduled to begin by mid-2024.
These crude-for-loan deals come at a time when Nigeria is struggling to boost its oil production.
The NEITI 2022-2023 report revealed a significant decline in crude oil output, reaching the lowest levels in a decade. In 2022, the country produced 490.94 million barrels of crude oil, a steep drop from the peak of 798.54 million barrels in 2014.
Although production slightly improved to 537.57 million barrels in 2023, this still represents only 67.16 per cent of the country’s peak production capacity.
One of the major challenges facing the sector is production deferment. In 2023, Nigeria deferred 110.66 million barrels of crude oil, down from 153.44 million barrels in 2022.
The deferment was primarily due to unscheduled maintenance, repair issues, and oil theft.
Despite government efforts to curb these issues, including initiatives to reduce theft and sabotage, operational inefficiencies persist.
NEITI reported that oil theft and sabotage resulted in the loss of 5.25 million barrels in 2023, exacerbating production struggles.
The House of Representatives Special Joint Committee recently directed NNPC to halt further crude-for-loan agreements.
This directive follows reports that the company is planning to borrow an additional $2bn in oil-backed loans amid efforts to settle a $6bn backlog owed to international oil traders, particularly following the removal of fuel subsidy.
The Tide’s source reported that the NNPC was in talks for another oil-backed loan to boost its finances and allow investment in its business, according to the Group Chief Executive Officer, NNPC, Mele Kyari.
Kyari said the company wanted the new loan against 30,000-35,000 barrels per day of crude production, though he declined to say how much money it sought.
Nigeria’s government finances rely on oil the NNPC exports, which provides the bulk of crucial foreign exchange reserves. However, pipeline theft and years of underinvestment have sapped oil production in recent years, and the cost of fuel subsidies has further depleted cash reserves.
President Bola Tinubu has been struggling to implement reforms in Africa’s biggest oil exporter – including eliminating fuel subsidies and allowing the naira currency to trade close to market levels – without putting the country’s population at a cost-of-living breaking point.
It explained at the time that the oil company would use the loan to support the Federal Government in stabilising Nigeria’s exchange rate.
The facility, among other things, would help the Federal Government attend to some of its dollar obligations, assist the Central Bank of Nigeria in stabilising the foreign exchange market, and provide funding for NNPC.
Providing details about the deal in the document titled, “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle,” NNPC said, “This is a financing agreement secured by NNPC Limited to prepay future royalties and taxes to the Federal Government.”
The company also stated that it adopted a lower price benchmark for the $3.3bn crude-for-cash loan to reduce the risk of default and ensure financial stability.
Giving details on the benchmark oil price, the company said the facility used a conservative crude price of $65/barrel to calculate the allocated crude to be produced and sold.
NNPC also said repayments were strategically planned and tied to future oil sales, with conservative pricing in oil sales contracts mitigating the risks associated with oil price volatility.

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RHI: First Lady Gives N50m Business Grants To Rivers PWDS, Disabled Veterans  …As RGS Unveils Free Medical Services For Vulnerable Persons

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Nigeria’s First Lady, Senator Oluremi Tinubu, has extended a major financial lifeline to Persons with Disabilities (PWDs) and disabled veterans in Rivers State.

The support comes under the Renewed Hope Initiative (RHI) Social Investment Programme, a nationwide economic empowerment effort.

The event, held on Wednesday at the Banquet Hall of the Government House, Port Harcourt, coincided with the 2025 International Day of Persons with Disabilities, with the theme: “Fostering disability inclusive societies for advancing social progress”.

Wife of the Rivers State Governor, Lady Valerie Siminalayi Fubara, who represented the First Lady of Nigeria, presented the small business grants to the beneficiaries.

The RHI empowerment effort covers all 36 states, the Federal Capital Territory (FCT), and the Defence and Police Officers’ Wives Associations (DEPOWA).

Each jurisdiction will have 250 PWDs receive a N200,000 Business Recapitalisation Grant per beneficiary, amounting to N50million. In total, with N1.9 billion being disbursed to 9,500 PWDs across Nigeria.

Expressing delight at unveiling the programme under the RHI Social Investment Framework, Senator Tinubu noted that the launch was intentionally scheduled for the International Day of Persons with Disabilities.

She emphasised the administration’s commitment to inclusive growth, stating that the nation becomes stronger when all citizens are empowered to contribute.

According to the First Lady, “Our commitment to improving lives has also been demonstrated through various interventions in

Agriculture, Economic Empowerment, Education, Health, and Social Welfare, aimed at improving the well-being of families across our country. To all our beneficiaries, I encourage you to make good use of this opportunity.”

Mrs Tinubu said that the programme aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which seeks to promote inclusive growth and shared prosperity by ensuring that no Nigerian is left behind, especially those whose needs are often overlooked.

She announced that the RHI Governing Board has approved making the Economic Empowerment Programme for PWDs an annual event every December 3.

She thanked the Governor of Rivers State, Sir Siminalayi Fubara; and his wife, Lady Valerie Fubara, for their support, and encouraged the beneficiaries to make good use of the opportunity.

In her speech, Wife of Rivers State Governor, Lady Valerie Siminalayi Fubara, assured that the Renewed Hope Initiative in the State will collaborate with the National Commission on Persons with Disabilities to promote an inclusive society where the rights and privileges of persons with disabilities are guaranteed.

She said that the celebration of the 2025 World Disability Day, reaffirms the government’s commitment to create a more just, inclusive, equitable and sustainable State, where no one is left behind.

Lady Fubara also delivered a strong message of empowerment to the beneficiaries, saying “You are not defined by limitations. You are defined by your strength, your creativity, your persistence, your brilliance, and your unique contribution to this State.”

She urged society to champion inclusion, noting that disability is not a tragedy but that discrimination, silence, and exclusion are.

The governor’s wife confirmed that 250 beneficiaries in Rivers State received the N200,000 grant, and urged all the beneficiaries to utilise the funds wisely.

“Let it be a seed that grows into something greater; a business that sustains you and your family,” she said.

Also speaking, Executive Secretary, Rivers State Contributory Health Protection Programme, Dr Vetty Agala, announced the enrollment of the 250 persons with disabilities into the state’s contributory health protection programme, adding that the beneficiaries will now enjoy free medical care and services at primary, secondary and tertiary levels in the State.

“You’re going to not only access primary care, but anytime you require secondary or tertiary services, you will be referred to those levels of care at no extra cost,” in line with the government’s “Health For All Rivers Initiative,” she said.

In her own remarks, Permanent Secretary of the Rivers State Ministry of Social Welfare and Rehabilitation, Mrs. Lorenta Davis-Dimkpa, stated that efforts are underway to establish a South-South office for the Disability Commission.

She also confirmed that there was an ongoing work to domesticate the 2018 Disability Act.

In her goodwill message, former Justice of the Supreme Court, Justice Mary Odili (rtd), commended both the Federal and Rivers State governments for taking bold steps to ensure persons with disabilities are included in governance.

Earlier in her speech, the State Coordinator of the Renewed Hope Initiative, Hon Tonye Briggs Oniyide, had said that the programme was carefully designed to address the needs of persons with disabilities and disabled veterans, helping them upscale their businesses across the State.

Speaking on behalf of the beneficiaries, Kie Obamanu, called for the full implementation of disability laws to eliminate discrimination.

He expressed gratitude to Nigeria’s First Lady and the wife of the Rivers State Governor for their support.

Highlight of the event was the presentation of the Universal Health Coverage Ambassador Award to Lady Valerie Fubara by the Rivers State Ministry of Health, in recognition of her contributions to improving access to healthcare services in the State.

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Fubara Assures Greater Collaboration With Navy 

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Rivers State Governor, Sir Siminalayi Fubara, has assured greater collaboration with Navy and other security agencies in combatting crimes and criminality in the State.

 

The governor also hailed the appointment of Vice Admiral Idi Abbas as the Chief of Naval Staff, saying he will deliver on his mandate based on his track record of excellence and meritorious service.

 

Fubara gave this assurance when Abbas and his team paid the governor a courtesy call at the Government House, Port Harcourt, yesterday.

 

The governor also commended the efforts of the Nigeria Navy in tackling criminality on Rivers waterways and protecting critical national assets.

 

He emphasized the need for more security surveillance on Rivers State coastal environments to safeguard lives and properties.

 

According to him, the Navy’s superior technology, manpower, and tactical competence are vital to protecting the state’s vast waterways.

 

“We need to work together for us to succeed,” he said, stressing that collaboration remains the most effective way to keep residents, assets, and the environment safe.

 

Pointing out the strategic significance of Rivers State as the hub of Nigeria’s crude oil and coastal infrastructure, Fubara commended the Navy for its continuous efforts in preventing losses to lives, livelihoods, and the ecosystem, and assured the service of the government’s sustained cooperation and support.

 

On his part, Abbas said his visit was part of a nationwide tour aimed at assessing operational readiness across naval formations since assuming command on October 30, 2025,

 

The new Naval Chief noted that Rivers State hosts several critical energy installations that fall under the Navy’s mandate to protect, adding that the state also remains central to the Navy’s training operations, with several key units located within its territory.

 

Abbas commended Governor Fubara for the State’s consistent support, citing the provision of six gunboats and the donation of a school building as significant contributions that have boosted the Navy’s operational efficiency.

 

He appealed for continued collaboration as the Navy intensifies efforts to secure the maritime domain.

 

Taneh Beemene

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Fubara Tasks Traditional Rulers On Peace, Security …Says Education, Job Creation ‘ll Receive Boost In 2026 Budget

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Rivers State Governor Sir Siminalayi Fubara has declared that amidst glaring challenges, his administration has remained determined and focused to dispense good governance and put in place the needed development in the State.

 

The governor disclosed this while addressing the 123rd and 124th combined quarterly general meeting of the Rivers State Council of Traditional Rulers at the Council Secretariat on Monday.

 

Fubara who commended the traditional rulers for their supports and efforts in promoting peace and development in the State, urged them to live up to their roles as custodians of peace by becoming alert and more vigilant in their domains to tackle the menace of insecurity especially in boundary communities.

 

He advised the traditional rulers to work with local government chairmen and security agencies to safeguard lives and properties in their domains.

 

“Let me thank everyone of you from the bottom of my heart, I met you in Government House to say a big thank you, because the royal fathers stood as fathers in our most trying moments.

 

“I say thank you again for your support, for understanding that your role is fatherly role, and one of the reasons you were elected or selected to be head is to bridge the gap in terms of crisis, and to play fatherly role when called upon. Thank you for ensuring that peace reigns in Rivers State,” he said.

 

The governor reaffirmed his commitment towards the protection of lives and property in the State.

 

“Our vision is to ensure that Rivers State is safe, our vision includes the provision of good health care services, which we are doing, the records are there, people from the south east are witnessing what is happening in the Zonal Hospital in Bori, presently. I’m sure that before the end of this year, the Omoku and Ahoada Zonal Hospitals will be commissioned while Degema is 80% completed, we’re not just talking, we’re doing it,” he said.

 

Fubara, however, dismissed speculations making the rounds on the issue of 10,000 jobs, urging the public to discountenance the false information.

 

He assured that employment will be carried out in the state based on needs, and not on political considerations.

 

He disclosed that the 2026 budget will make provision for job creation and the refurbishment of schools in the State which, he noted, are currently in deplorable conditions, having given due consideration to roads and the health sector.

 

“Let me use this medium to address an issue, I saw some people sending messages to my WhatsApp, they want to protest against 10,000 jobs, they claim was included in the budget, which budget? We are going to employ based on the needs of the state, I’m not going to employ politically to please anybody,” he assured.

 

The governor promised to address the requests of the traditional rulers, and charged them to ensure that their meeting brings out a strong position that will make the State stronger.

 

Earlier in his welcome address, the Chairman of the Rivers State Council of Traditional Rulers, and Eze Oha Apara 1V, of Apara Kingdom, HRM Eze Chike Amadi Worlu-Wodo, thanked the governor for personally attending the meeting.

 

The royal father restated the support of the traditional rulers to the State Government, and presented some requests of the Council to the governor.

 

“Your Excellency, the news that we have received all over the State is quite cheering and symbolic of the peaceful life and developments that Rivers people yearn for in the State. You have brought back those glorious old days of harmonious living and peaceful coexistence the way it was. May the Almighty  God bless you and help you to sustain this laudable feat,” the royal father prayed.

 

In his remarks, the State Commissioner for Chieftaincy Affairs , Egnr.Charles Amadi, expressed gratitude to the governor for his developmental strides in the State, and also commended the traditional rulers for their unwavering commitment towards promoting peace in the State.

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