Debt management: NNPC struggles, borrows to pay $1.5b foreign debt

The Nigerian National Petroleum Corporation (NNPC) has borrowed money to cover up its debts at the international Market.

This information was disclosed to Reuters by a Senior Banking source within the banking industry.

The loan became very vital to ease the burden on the NNPC that faced debt of several millions of dollars. The deal it was disclosed was struck towards the closing of last year. Read more

About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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