The national oil company, said this in a document titled: Frequently Asked Questions – Project Gazelle’, released by its Chief Corporate Communications Officer, Olufemi Soneye on August 17, 2023.
Recall that NNPCL in a report published by PUNCH Newspaper, announced that it had secured a $3.3bn emergency crude oil repayment loan from the African Export-Import Bank.
The company further said that the loan would be used to help the Federal Government stabilise Nigeria’s exchange rate.
Speaking further on the deal as contained in the document, the firm said: “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle. There has been a lot of interest from the public and stakeholders in recent weeks regarding the $3.3bn crude oil pre-payment loan, also known as Project Gazelle. 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.
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