Tag: Federation Account
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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 Approves Write-Off of $1.42 Billion, ₦5.57 Trillion NNPC Debt
Overview: A Landmark Debt Forgiveness for NNPC In a move that could shift the trajectory of Nigeria’s public finances, President Bola Tinubu has approved the cancellation of substantial debts owed by the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Federation Account. The write-off amounts to about $1.42 billion and ₦5.57 trillion, aimed at…
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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.…