The Nigeria National Petroleum Company Limited, NNPCL has announced that it has jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan with AFREXIM Bank.
The NNPCL disclosed this in a tersed statement tweeted on its verified twitter handle on Wednesday.
It said the loan will provide some immediate disbursement that would enable the NNPC to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.
“the signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market,” the statement reads.
