Tag: Debt Write-Off
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Tinubu approves write-off of $1.42bn and ₦5.57tn NNPC debt
Overview: A Bold Fiscal Move President Bola Tinubu has directed a sweeping write-off of significant debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account. The decision, which covers approximately $1.42 billion and ₦5.57 trillion, marks a pivotal intervention in Nigeria’s petroleum and public finance landscape. The approval, captured in…
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Tinubu Approves Write-Off of $1.42 Billion and ₦5.57 Trillion NNPC Debt
Key Move: Tinubu Greenlights Debt Write-Off for NNPC Ltd In a landmark decision, President Bola Tinubu has approved the write-off of substantial arrears owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account. The measure cancels roughly $1.42 billion and ₦5.57 trillion in outstanding debts, a development that could have wide-ranging…
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Tinubu Approval Clears $1.42 Billion, N5.57 Trillion NNPC Debt to Federation Account
Overview of the Debt Cancellation President Bola Tinubu has approved a significant write-off of debts that the Nigerian National Petroleum Company Limited (NNPC) allegedly owed to the Federation Account. The move, which follows a detailed reconciliation of records, results in the elimination of about $1.42 billion and N5.57 trillion from the financial ledger. The decision…
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Nigeria Grants Massive Debt Write-Off: NNPC Debts to Federation Account Slashed
Overview: A Landmark Debt Cancellation President Bola Tinubu has approved a sweeping cancellation of a significant portion of debts owed by the Nigerian National Petroleum Company Limited (NNPC) to the Federation Account. The reconciliation process reportedly cleared about $1.42 billion and N5.57 trillion, marking one of the largest debt write-offs in recent Nigerian fiscal history.…