US Buys $578m Nigerian Crude In Three Months – U.S. Bureau - Business (2)

US Buys $578m Nigerian Crude In Three Months – U.S. Bureau - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › US Buys $578m Nigerian Crude In Three Months – U.S. Bureau (5544 Views)

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Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by DuttyChuks: 7:00pm On May 10

What did tilumbu do with the money?

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by Smartguyboy(m): 7:02pm On May 10

Who knows if they paid for it because we know they don’t pay for anything that why they invade Venezuela, Iraq now Iran to steal their oil.

1 Like

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by flyinnizam(m): 7:09pm On May 10

Stop saying rubbish. America refinery can refine their crude but it's just not economically profitable. Know when to use can't and do not want to.

erad:
The mischievous ignorance of some of you is just plain annoying at this point.

American refineries can't refine American crude, so they exchange crude with other countries that can refine theirs or sell to them and buy from other countries that have the type of crude their refineries can refine.

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by ceejay80s(m): 7:11pm On May 10

where is the money and why does tinubu keep taxing us,
tinubu is evil

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by Gerundphrase: 7:12pm On May 10

You wey no dey ignorant suppose enlighten us on how these things work. Because we all know you guys said dangote was buying crude oil from usa because nigeria's crude was already sold out by bonds

Parachoko:
Nah you dey deceive yourself with your stark ignorance

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by Parachoko: 7:15pm On May 10

Gerundphrase:
You wey no dey ignorant suppose enlighten us on how these things work. Because we all know you guys said dangote was buying crude oil from usa because nigeria's crude was already sold out by bonds

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by Majdddd: 7:23pm On May 10

Lol but they will still borrow money like mad

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by zegxy: 7:35pm On May 10

inoki247:
Lol he fit be at cheap rate like that.....

All the Christian genocide na scam from Dem...

Dem no dey come for any intervention...

No, it's not true. US doesn't deal with cheap oil. It's your Chinese friend that buys Iran's cheap oil

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by zegxy: 7:38pm On May 10

ceejay80s:
where is the money and why does tinubu keep taxing us,
tinubu is evil

The Govt na yahoo yahoo Govt

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by zegxy: 7:39pm On May 10

flyinnizam:
Stop saying rubbish. America refinery can refine their crude but it's just not economically profitable. Know when to use can't and do not want to.

America is one of the largest producer of oil in the world

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by untoldtruth: 7:43pm On May 10

YesDaddyTill203:
The US is the largest oil producer in the world and still importing oil from Nigeria and other countries, but na Dangote one you dey doubt.
Na by force to comment on all issues? Especially if you are ignorant of the reality/intricacies behind the issue.

The way I had to sit down on the couch to laugh over this your comment eh, anyways I fell off the couch while laughing

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by henrycloud: 7:52pm On May 10

Yet you will shocked to discover only a small percentage of that entered the nation's account.

See this discovery below:

1. The 2020 Prepayment Facilities (Tranches 1 & 2)The Arrangement: In 2020, NNPC secured an initial $935 million loan backed by a commitment of 30,000 barrels of crude oil per day. A second tranche of $635 million was later added under similar conditions.

Amount Paid: The entire $1.57 billion across both tranches has been fully repaid.

Amount Left: $0. The debt was completely cleared by September 2023.

2. Project Eagle (Subsequent 2 Debt)The Arrangement: A $900 million facility obtained in 2023. This loan is secured against a forward sale of 21,000 barrels per day.

Amount Paid / Status: Repayment commenced in June 2024 and is structured to continue until final maturity in 2028.

Amount Left: As of the close of 2024, the outstanding balance on this specific facility stood at approximately ₦1.1 trillion.

3. Project Gazelle (Afreximbank Loan)The Arrangement: This is one of the most significant recent deals, initiated in late 2023 to help the government stabilize the foreign exchange market. It is a $3.3 billion crude oil-backed prepayment facility arranged by the African Export-Import Bank (Afreximbank). It is secured by a massive 90,000 barrels per day.

Amount Paid / Status: The loan was disbursed in tranches (with a $925 million "accordion disbursement" finalized in June 2024 bringing total disbursements to $3.175 billion). NNPC is currently making consecutive quarterly repayments from the proceeds of the allocated crude oil.

Amount Left: Repayment is ongoing over a 5-year period. While the exact current dollar balance fluctuates with each quarterly payment, it remains the largest active exposure in NNPC's portfolio.

4. Project Yield (Refinery Rehabilitation)The Arrangement: This financing structure backs the Port Harcourt Refinery upgrade. Unlike raw crude deals, this agreement requires NNPC to deliver a refined-product-equivalent volume of 67,000 barrels per day.

Amount Paid / Status: No principal has been paid yet. The agreement included a two-and-a-half-year moratorium, with repayments scheduled to kick off in June 2025.

Amount Left: At the end of 2024, the outstanding drawdown for this project was ₦1.4 trillion.

5. Project LeopardThe Arrangement: A five-year financing agreement that commits the NNPC to deliver 35,000 barrels of crude oil per day to lenders.

Amount Paid / Status: Repayments have not yet started. Following a six-month moratorium, debt servicing on this facility is expected to begin in mid-2025.

Amount Left: The principal remains intact pending the commencement of deliveries in 2025.

SOURCE: GEMINI AI WEB RESEARCH

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by erad(m): 8:56pm On May 10

flyinnizam:
Stop saying rubbish. America refinery can refine their crude but it's just not economically profitable. Know when to use can't and do not want to.

Lol...
I had already typed out a response, but then realized it's not worth it.

You're not worth it.

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by commoditiesnig(m): 9:58pm On May 10

Melchizzedek:
The oil money is not received by the Nigerian govt but by oil coys and they later pay tax to the government

Exactly.. e.g Shell, Chevron and co

1 Like

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by ogaemma: 4:02am On May 11

Senate will still approving loan for Tinubu to borrow more money.
Yet we have stopped paying subsidy

Re: US Buys $578m Nigerian Crude In Three Months – U.S. Bureau by flyinnizam(m): 4:20am On May 11

Go and make ur research and stop saying trash. They are world power and can't refine their own crude? Funny. They can but not economically wise. That ur facts right

erad:
Lol...
I had already typed out a response, but then realized it's not worth it.

You're not worth it.

1 2 Reply

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