Safiu Kehinde
Former Vice President and 2023 PDP’s Presidential candidate, Atiku Abubakar, has questioned Tinubu over $3.3 Billion emergency loan received by the Nigerian National Petroleum Corporation (NNPC) last year.
In a statement posted by the former VP on his X handle (Formerly Twitter) earlier today, Atiku revealed how the Federal had secured an emergency crude repayment loan which was said to help give support to the Naira and stabilize the Foreign Exchange market.
He, however, decried the silence of the Federal Government as regards the development, questioning the integrity of what he described as “shady deal”.
“In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.
“The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.” he wrote.
According to Atiku, the loan deal which was allegedly initiated by the NNPC with a Special Purpose Vehicle incorporated in the Bahamas serving as the borrower, was supposed to be a crude-for-cash loan arranged by the African Export-Import Bank.
“According to information available, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.
“The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.” He wrote further.
While questioning the FG’s deal with a company registered in Bahamas despite knowing fully well the country’ involvement in a recent scandal of the Paradise Papers, Atiku demanded explanation to a list of questions he highlighted among which include if the borrowing plan was approved by the National Assembly and the conditions to the loan.
As contained in the statement, the questions thrown by the former VP include; “Has the Federal Government accessed the loan?
“Is the loan in the government’s borrowing plan as approved by the National Assembly? Who are the parties to the loan, and what specific roles are they expected to play?
“What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate? And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?”