Atiku Abubakar Urges Tinubu’s Administration to Clarify NNPC’s $3.3 Billion Emergency Loan to the Public

In a tweet that has ignited a nationwide conversation, former Vice President Atiku Abubakar is pressing for transparency as he calls on Bola Tinubu’s administration to provide a detailed explanation for the controversial $3.3 billion emergency loan secured by the Nigeria National Petroleum Company (NNPC). Atiku’s social media call-to-action has stirred significant attention, prompting important questions about the federal government’s financial dealings.

The loan, acquired on August 16, 2023, under the guise of fortifying the Naira and stabilizing the Foreign Exchange market, has been shrouded in secrecy, with the government maintaining an unusual silence on the matter. Sources indicate that the only available information on this significant financial transaction is derived from unofficial channels within the NNPC.

The intricacies of the deal, framed as a crude-for-cash arrangement through the African Export-Import Bank, involve a Special Purpose Vehicle named Project Gazelle Funding Limited, intriguingly incorporated in the Bahamas. Atiku’s tweet draws attention to the peculiar choice of location, given the recent notoriety of the Bahamas in the Paradise Papers scandal.

Adding to the mystery, Nigeria is committed to supplying 90,000 Barrels of its daily production, with the quantity escalating annually until reaching 164.25 million barrels for loan repayment. However, a closer look at the financial details reveals a staggering gap of approximately $7 billion between the initially disclosed terms and the calculated repayment amount based on Nigeria’s 2024 crude benchmark of $77.96 per barrel.

Atiku Abubakar, acting as a catalyst for public inquiry, is demanding direct answers from the Federal Government, raising crucial questions that challenge the integrity of the financial dealings:

• Has the Federal Government accessed the $3.3 billion loan?
• Is the loan included in the government’s borrowing plan as approved by the National Assembly?
• Who are the parties involved in the loan, and what specific roles are they expected to play?
• What are the conditions of the loan, including tenor, repayment terms, collateral, and the interest rate?
• Why choose to register an SPV in the Bahamas, considering the country’s recent notoriety for handling unclean assets?