According to Reuters, Nigeria’s government finances rely on the oil the NNPC exports. Also, oil provides the bulk of crucial foreign exchange reserves.
The agency said President Bola Tinubu has been struggling to push through reforms in Africa’s biggest oil exporter. These include eliminating fuel subsidies and allowing the naira currency to trade close to market levels without pushing the country’s population to a cost-of-living breaking point. He said the loan would be used for all of the NNPC’s business activities, including supporting production growth.
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