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Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s - Politics - Nairaland

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Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by ogododo: 12:44pm On Sep 29, 2023
The Nigerian National Petroleum Company (NNPC) Limited had in August said it secured an emergency $3 billion crude oil repayment loan to stabilise the country’s exchange rates.

The Nigerian government has stated that $3billion emergency loan-for-crude oil secured in August would be deployed to stabilise the naira.

The Nigerian National Petroleum Company (NNPC) Limited had in August said it secured an emergency $3 billion crude oil repayment loan to stabilise the country’s exchange rates.


The company had said this in a tweet, adding that the $3 billion was from AFREXIM Bank, the trade finance bank for Africa.

According to NNPCL, the money will be used to increase the value of the country’s currency, naira, at the international market.

However, the Nasarawa State Governor, Abdullahi Sule, while speaking to Journalists at the end of 136th National Economic Council meeting held on Thursday at the Aso Rock Presidential Villa, Abuja said the $3billion that was taken in order to stabilise the naira would be put to use.


He asserted that the National Economic Council had affirmed that the $3bn emergency loan-for-crude oil the Federal Government secured in August would be deployed to stabilise the naira, whose value had continued to fluctuate in the Investors & Exporters’ window and worsened in the parallel market, hitting N1000/$ earlier this month.

He said, “So, we are very confident and we still believe very strongly that with the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3bn shall be useful to us down the line.”

Asked when the intervention would kick in and if there would be a need for a supplementary budget, Sule said “The $3bn that was taken in order to stabilise the naira. As you have seen we have a new team at the CBN and the new team that is just coming in is asking for a little bit of time in order to work out the modalities.

“It is one thing to take the loan, it is another to plan the process of the stabilisation because it’s going to take a while. The CBN governor was just confirmed a few days back and he started rolling out his plans of what to do.”

On the supplementary budget, Sule said, “Supplementary budget is a request that will come as a result of whatever is happening right now. I’m not sure there is a need for a supplementary budget immediately. So far, there have been no supplementary budget requests that were presented to NEC.”


https://saharareporters.com/2023/09/29/central-bank-will-use-3billion-loan-crude-oil-funds-stabilise-countrys-naira-nec-assures
Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by Taylor92: 12:47pm On Sep 29, 2023
embarassed
Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by Tntsi: 12:52pm On Sep 29, 2023
800billion borrowed for palatives have palaited away.
Million of dollars borrowed f to stabilize the naira dollar rate has zero effect .

I said this before and I say it again. There is nothing tinubu will do that will make sense in Nigeria.
Since May 29 2023 till date not one thing to show.
Tinubu and his gang are a symbol of destruction and death of the entity called Nigeria.
This is not political talk. This is fact.
Nigeria is at the tail end of collaspe and tinubu is not appointed or selected for the rescue of this nation.
Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by Taylor92: 12:55pm On Sep 29, 2023
Tntsi:
800billion borrowed for palatives have palates away.
Million of dollars borrowed from NEXIM to stabilize the naira dollar rate is gone with zero effect.

Dont complain oo


They’ll call you IPOB


They’ll say you’ll wait for 8yrs

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Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by limeta(f): 12:57pm On Sep 29, 2023
The country is all about loan
Borrow here and there
Country with so much natural resources
Shame on black people .
Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by Xxxxtentacion2: 1:15pm On Sep 29, 2023
Borrow to loot...
Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by ogododo: 2:07pm On Sep 29, 2023
APICEE no dey pay subsidy Nlfpmod, but dem warn use dollar fight gidigbo.
Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by DatNiggaDaz: 2:08pm On Sep 29, 2023
Another lies, deceit & propaganda. Today they forgot the lies & deceit they dished out yesterday.
Tommorrow they will forget the propaganda they dished out today.

When you start with lies in every issues, you will need Quantum of lies to make it seem like the truth grin grin

Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by Racoon(m): 2:27pm On Sep 29, 2023
Useless criminals thinking they are talking to their mummified zombies.
Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by ogododo: 3:23am On Sep 30, 2023
Nawa oo. Paying subsidy dem dey lie.
Re: Central Bank Will Use $3billion Loan-for-crude Oil Funds To Stabilise Country’s by ogododo: 5:17pm On Sep 30, 2023
APC fraud dey pay subsidy.

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