Atiku Abubakar has criticized the Tinubu administration over a $3.3 billion loan secured by the Nigerian National Petroleum Company (NNPC) from AfreximBank, expressing concerns about its lack of transparency. The loan, arranged as a crude-for-cash deal, involves a Special Purpose Vehicle (SPV) registered in the Bahamas—a decision Atiku highlighted as problematic due to the country’s association with financial secrecy scandals.
He also questioned the terms of the deal, including its repayment mechanism, which involves supplying 164.25 million barrels of crude oil valued at about $12 billion, suggesting a $7 billion gap between the loan’s value and its repayment. Atiku called for the federal government to clarify the loan’s approval process, conditions, and why such an opaque arrangement was made.
