$3.3bn Loan-for-Crude Deal: FG Secures $925m as Naira Trades at 1,481/$

By Abass Ganiyu

Abuja, Nigeria– The Federal Government of Nigeria has received a significant financial boost with a $925 million lifeline from a $3.3 billion loan-for-crude deal. This arrangement aims to bolster the nation's economy amidst fluctuating oil prices and a challenging financial landscape.

The loan, part of a broader agreement, will see Nigeria exchange crude oil for much-needed funds, providing immediate relief to the economy. The move comes as the naira continues to trade at 1,481 per dollar, reflecting ongoing pressures on the local currency.

This financial strategy highlights the government's efforts to stabilize the economy, manage debt, and support critical infrastructure projects. As global oil markets remain volatile, such agreements are crucial for maintaining fiscal balance and ensuring economic growth.

The deal underscores the importance of Nigeria's oil reserves in securing international financial support and reflects broader economic policies aimed at leveraging natural resources for economic stability.

For more updates on this story and other business news, developments in Nigeria's economic landscape.

Comments

Post a Comment

Popular posts from this blog

House of Representatives Ordered NNPC to Suspend Crude-for-Loan Deal

By Abass Ganiyu
Image
By Abass Ganiyu In a decisive move, the House of Representatives has ordered the Nigerian National Petroleum Corporation (NNPC) to suspend its controversial crude-for-loan deal, effective immediately. This directive follows mounting scrutiny and calls for transparency regarding the terms of the agreement and its implications for Nigeria’s oil sector and national finances. The crude-for-loan deal, which involves the exchange of crude oil for loans to finance various infrastructure projects, has faced criticism over its potential impact on Nigeria’s oil revenues and national debt. Critics argue that the deal may compromise Nigeria’s oil assets and expose the country to financial risks. The decision by the House of Representatives comes after a series of debates and hearings on the deal’s terms and its alignment with national interests. Legislators expressed concerns about the lack of transparency and the potential for adverse effects on the country’s financial stability. With...
Read more

Customers besiege banks to reactivate dormant accounts

By Abass Ganiyu
Image
By Joy Adekayero Many bank customers affected by the new Central Bank of Nigeria guidelines on dormant accounts rushed to their various banks on Tuesday to reactivate the accounts. Some of the customers, who spoke to the News Agency of Nigeria in Abuja on Tuesday, said they had to activate their bank accounts to avoid the mopping up of their little savings by CBN. Further inquiries by our correspondent confirmed the situation, with courtrooms also becoming crowded with requests to swear affidavits. A bank official at a first-generation bank informed The PUNCH that numerous customers and families had submitted requests to re-activate inactive accounts so as not to lose the money to the apex bank that intends to use them for investment purposes. The official said, “Yes, we have seen customers coming to the bank to reactivate their accounts. Even relatives and next of kin to dead persons have submitted applications to withdraw amounts left in the account of their loved ones. I...
Read more

EFCC Arraigns TSTV Executives for Tax Evasion and Money Laundering

By Abass Ganiyu
Image
ABUJA – The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director and CEO of Telcom Satellites TV (TSTV), Dr. Bright Ikechukwu Echefu, along with the Executive Director, Dr. Felix Nnamdi Ignoanuga, at the Federal High Court in Abuja. They face nine charges, including tax evasion and money laundering. The EFCC accuses the defendants of failing to remit VAT, company income tax, and PAYE from their employees' salaries, diverting substantial funds for personal use. Additionally, they allegedly defrauded Senior Advocate of Nigeria (SAN) Turaki Kabir Tanimu of N960 million under false pretenses. The prosecution's charges highlight several instances where the defendants purportedly redirected significant amounts meant for government taxes to personal accounts. The EFCC claims that the defendants defrauded Turaki of large sums under the guise of securing loans for telecom equipment acquisition. These transactions were detailed with specific amo...
Read more