Economic Saboteurs! – Sowore Blasts NNPC Over $3 Billion Loan Borrowed To Stabilise Naira.

The Presidential candidate of the African Action Congress (AAC) in the 2023 elections,  Omoyele Sowore has berated the Nigerian National Petroleum Corporation (NNPC) over its recent loan.

The NNPC Limited earlier had secured a $3 billion emergency crude repayment loan to support the naira and stabilize the foreign exchange market.

NNPC Limited secured the crude-for-cash funding from the African Export-Import Bank (Afreximbank) headquarters in Cairo, Egypt.

NNPC will repay the loan with crude oil at an interest rate between eight percent and 11 percent.

The NNPC Ltd. And Afrexim Bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.

Reacting to the development via Twitter, Sowore wondered why the NNPC, which is a private company is helping Nigeria to stabilise the naira.

According to him, “Economic Saboteurs! Very criminally minded buccaneers! I thought they said @nnpclimited is no longer owned by Nigeria, what’s a supposedly “private company” doing with helping the Nigerian state to subsidize the Naira. And who is @afreximbank? Is that not the same bank @GodwinIEmefiele has been shipping Nigerian money to? #revolutionnow.”

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