FG Approves $4.5bn NNPCL Oil-Backed Financing To Boost FX Reserves, Infrastructure

The federal government has approved a  $4.5 billion  arrangement with the Nigerian National Petroleum Company Limited (NNPCL), to liberate funds to bolster foreign-exchange reserves and spending on the government’s ongoing infrastructure priorities.
The arrangement will free up resources for strategic priorities and strengthen the country’s financing framework, Finance Minister  Taiwo Oyedele  told the National Economic Council (NEC) meeting while seeking approval for the facility. 
The country will receive the money from a refinanced pre-export crude facility that is secured by 78,750 bbls of daily oil output by the  NNPCL,  the office of Vice President Kashim Shettima said in a stat...