There are indications that the Nigerian National Petroleum Company Limited will borrow another $2 billion loan to bring the nation’s crude-backed loan to $5.3 billion.
While domestic crude oil refiners are raising concerns over lack of feedstock as some of them are relying on import, the crude by loan according to reports by Reuters would be coming from international creditors to enhance NNPC financial inflow. While Nigeria’s crude oil was about two million barrels per day in 2013, the nation’s oil output has steadily declined to a meagre 1.2 million bpd of which NNPCL alone takes.
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