Corporation to pay off its debt by 2017
NNPC is reportedly discussing with major oil companies and banks in order to repay debts which is amounted to about $4 billion and raise capital to fund new drilling projects and construct new drilling projects.
NNPC
According to Ibe Kachikwu, the debts is a result of mismanagement in the oil sector. He further stated that the government will pay its debt, using funds from the multi-year $1.2 billion contract signed with Chevron in September 2015.
“The goal is to ensure that at the latest in 2017, the debt counter is zero,” he has said.
The NNPC have reportedly not been able to pay its dues since 2012.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
BREAKING: FG grants Air Peace right to commence Abuja-London flights - Keyamo
Deputy who dumped Akeredolu clinches PDP governorship ticket
Gov inaugurates 2nd phase of palliative distribution to poor Enugu residents
Flight Dispatchers fault Keyamo's order to suspend Dana Air over landing mishap
Respite for Nigerians as NNPC says cause of fuel scarcity has been resolved
Again, JAMB extends Direct Entry registration, says 2024 UTME best in history
Lagos residents need real empowerment, not your food packs, LP tells Sanwo-Olu
Ikoyi prison controller in trouble for disobeying court order on convict's whereabouts
How non-communicable diseases kill most productive population – WHO expert
ADVERTISEMENT