Wale Edun, the Minister of Finance and the coordinating minister for the economy, announced that the Nigerian National Petroleum Company (NNPC) Limited has initiated the process of settling the $6 billion debt it owes to its suppliers.
On Wednesday, Edun addressed investors during a meeting in Washington, DC.
He said, “In terms of NNPC and their situation, the reality is that, although the subsidy on May 29, 2023, was removed and was no longer on the balance sheet of the government, it did rear its head, not in terms of petrol subsidy, but foreign exchange subsidy, which was borne elsewhere, and borne mainly by NNPC.
“I think what I can say about their own situation is with where they are now, they have a route to paying down their payables and I’m sure that in no time at all, they will start.
From what I understand, they have even commenced the process of paying down their payables.“
