HEDA Writes NNPC, Seeks Clarity on $3 Billion Emergency Crude-for-Cash Loan for Naira Stabilization


Ayo Ola

The Human and Environmental Development Agenda (HEDA Resource Centre), a
preeminent non-profit organization devoted to championing transparency,
accountability, and robust governance in Nigeria, has formally initiated
an information request to the Nigerian National Petroleum Corporation
Limited (NNPCL). The request pertains to the recent acquisition of a $3
billion emergency crude oil repayment loan.

This action is aligned with the provisions of the Freedom of Information
(FoI) Act, 2011, underscoring HEDA’s unwavering dedication to ensuring
judicious resource utilization and safeguarding the nation’s interests.

The obtained loan, secured from the African Export-Import Bank
(AFRIEXIM), is intended to fortify the Naira and reinforce the foreign
exchange market. Concurrently, HEDA acknowledges the potential merits of
this endeavor while simultaneously expressing apprehensions about its
possible implications for Nigeria’s economy, natural resources, and
future prospects.

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Furthermore, the civil society group is keen to understand the specific
oil grades or categories being utilized for the negotiation of the loan;
the exchange rate to dollar being employed in the terms of the agreement
for the crude oil repayment loan; and providing the quantity of oil that
is being sold or used as collateral for this particular transaction.

Manifesting its vigilant oversight role in managing public resources,
HEDA through its Freedom of Information has presented a series of
pertinent inquiries to NNPC, designed to elucidate the ramifications of
the $3 billion crude oil repayment loan. The organization’s overarching
objective is to acquire a comprehensive comprehension of the motivation
behind the deal and its plausible effects on Nigeria’s economic

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“As champions of accountability, we firmly believe that these inquiries
will serve to illuminate the rationale underpinning the recent loan
agreement, along with its potential ramifications for our nation’s
economic well-being and overall prosperity,” stated Olanrewaju Suraju,
Chairman of HEDA Resource Centre.

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