From Adanna Nnamani, Abuja
The Federal Government has dismissed recent reports suggesting the collapse of a proposed forward crude oil sale involving the Nigerian National Petroleum Company Limited (NNPC Ltd).
In a statement issued on Wednesday by the spokesperson of the Federal Ministry of Finance, Mohammed Manga, the government described the reports as speculative and unfounded, stressing that no final decision has been taken on the deal.
“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government, and commentary suggesting the collapse of any such initiative is unfounded,” the statement said.
The government noted that it remains committed to innovative and fiscally responsible measures to make the most of the country’s oil assets, boost foreign exchange inflow, and stabilise the economy.
The forward crude oil sale deal is one of the financing options being explored by the Federal Government to generate revenue and ease pressure on the naira.
The arrangement allows NNPC to sell a portion of future crude oil production in exchange for immediate cash from lenders or commodity traders.
The funds are expected to be used to support key government programmes, improve external reserves, and enhance dollar liquidity in the economy.
Talks around the deal have generated mixed reactions, with critics warning of long-term risks, while government officials insist it is a practical step to address pressing fiscal needs.
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