President Bola Tinubu has approved the write-off of the bulk of NNPC Ltd’s outstanding obligations to the Federation Account, cancelling debts estimated at $1.42 billion and ₦5.57 trillion.

The decision followed a reconciliation of records between NNPC Ltd and the Federation, conducted by the Nigerian Upstream Petroleum Regulatory Commission and reviewed by the Stakeholder Alignment Committee.

Documents presented at the November FAAC meeting showed that NNPC Ltd’s liabilities had previously stood at $1.48 billion and ₦6.33 trillion, largely linked to crude oil liftings, royalties and joint venture arrangements.

An analysis of the figures indicates that the directive effectively wiped out nearly all the company’s dollar-denominated debt and a significant portion of its naira obligations as of December 31, 2024.

READ ANOTHER STORY- https://classic97.net/super-eagles-edge-tunisia-3-2-to-seal-afcon-round-of-16-spot/