The Federal Government has debunked reports claiming the collapse of a proposed NNPCL forward crude oil sale, stating no final decision has been made on the financing strategy
The Federal Government has strongly refuted recent reports suggesting the collapse of a proposed forward crude oil sale involving the Nigerian National Petroleum Company Limited (NNPCL).
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The government clarified that no final decision has been reached on the matter, advising against premature conclusions.
According to a statement released on Wednesday in Abuja by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, the government is aware of recent media speculation surrounding the potential deal.
Manga stressed that such commentary is both premature and inaccurate.
The statement reads: “While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government. Commentary suggesting the collapse of any such initiative is unfounded.”
While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government. Commentary suggesting the collapse of any such initiative is unfounded.
The statement maintained that the forward sale of crude oil—an arrangement frequently used to secure financing by pledging future oil production—remains under active consideration.
This forms part of a broader strategy designed to stabilise Nigeria’s economy.
Manga further stated that the government remains committed to deploying a range of innovative, transparent, and fiscally responsible financing strategies.
These efforts aim to optimise Nigeria’s valuable oil assets, improve external liquidity, and strengthen overall macroeconomic stability.
This move aligns with the government’s ongoing economic reforms, which consistently seek to promote sustainable economic growth and development across the nation.
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The Finance Ministry also reassured all stakeholders that any decisions concerning forward crude oil sales will be made with meticulous consideration and utmost transparency.
