The Human and Environmental Development Agenda, says it has formally initiated an information request to the Nigerian National Petroleum Corporation Limited (NNPCL) on the recent acquisition of a $3 billion emergency crude oil repayment loan.
Its Chairman, Olanrewaju Suraju, in a statement issued Wednesday said the obtained loan, secured from the African Export-Import Bank
(AFRIEXIM), was intended to fortify the Naira and reinforce the foreign exchange market.
He said while HEDA acknowledged the potential merits of this endeavour, it expressed apprehensions about its possible implications for Nigeria’s economy, natural resources, and
future prospects.
Suraju added: “Furthermore, the civil society group is keen to understand the specific oil grades or categories being utilised 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.”
He added that HEDA’s overarching objective was to acquire a comprehensive comprehension of the motivation behind the deal and its plausible effects on Nigeria’s economic landscape.
Suraju added: “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.”