Former Vice President Atiku Abubakar has called on the Bola Tinubu-led Federal Government to provide explanations regarding the $3.3 billion emergency crude repayment loan secured by the Nigerian National Petroleum Corporation (NNPC).
Vanguard reported Atiku emphasized the need for transparency, questioning the lack of official communication on the matter and expressing concerns about the details of the deal.
In a statement released in Abuja on Thursday, Atiku highlighted the unusual circumstances surrounding the loan and the absence of official statements from the government. The NNPC had announced on August 16, 2023, that the loan was obtained to support the Naira and stabilize the Foreign Exchange market.
Atiku raised several points of contention, including the incorporation of a Special Purpose Vehicle (SPV) named Project Gazelle Funding Limited in the Bahamas to drive the deal. He questioned the decision to involve a country associated with the Paradise Papers scandal.
According to Atiku, the SPV is the borrower, while the NNPC is the sponsor, with an agreement to repay the loan with crude oil at an interest rate slightly exceeding 12 percent.