Emmanuel Ochayi
Presidential candidate of the People’s Democratic Party (PDP) in the 2023 election, Atiku Abubakar has raised concerns about $3.3 billion emergency crude repayment loan secured by the Bola Tinubu-led administration through the Nigeria National Petroleum Company (NNPC).
In a statement posted on his social media page, Atiku expressed unease over the lack of transparency surrounding the deal.
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According to Atiku, “In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023, through the NNPC, secured a $3.3 billion emergency crude repayment loan.”
The Former Vice President highlighted that the information on this mega deal is only available through unofficial sources from the NNPC.
The deal is structured as a crude-for-cash loan arranged by the African Export-Import Bank, with a Special Purpose Vehicle (SPV) named Project Gazelle Funding Limited incorporated in the Bahamas. Atiku pointed out the questionable choice of registering the company in the Bahamas, given the country’s recent scandal involving the Paradise Papers.
Atiku raised concerns about the discrepancy between the interest rate of a little over 12 per cent stated in the agreement and the estimated repayment amount of $12 billion, indicating a gap of about $7 billion.
Calling for transparency, Atiku stated, “We are calling on the Federal Government to speak up on this shady deal. It is inconceivable that the Federal Government will lead the country to take a loan of $3.3 billion with an interest rate that is not more than 12 per cent, but with estimated repayment amounting to $12 billion.”
Atiku demanded answers from the Federal Government, posing questions on whether the loan has been accessed, its inclusion in the government’s approved borrowing plan, the parties involved, specific roles, conditions, collateral, and the rationale behind registering the SPV in the Bahamas.
“We therefore demand, on behalf of the ordinary people of Nigeria, that the Federal Government provides answers to the following questions,” Atiku said.
