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CHRICED Slams Nigeria's $1.42B NNPC Debt Waiver Deal

12/30/2025

Summary

Story summary

CHRICED condemned the Nigerian government's approval of a $1.42 billion debt waiver for Nigerian National Petroleum Company Limited (NNPC Ltd), accusing it of lacking public scrutiny and undermining transparency.
The Nigerian Upstream Petroleum Regulatory Commission said debt cancellation did not restore revenue targets, noting a ?5.65 trillion deficit by end of November.
Ongoing disputes over under-remittances of oil revenue complicate Nigeria's fiscal management and raise concerns about sustainability.

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Story summary

CHRICED condemned the Nigerian government's approval of a $1.42 billion debt waiver for Nigerian National Petroleum Company Limited (NNPC Ltd), accusing it of lacking public scrutiny and undermining transparency.
The Nigerian Upstream Petroleum Regulatory Commission said debt cancellation did not restore revenue targets, noting a ?5.65 trillion deficit by end of November.
Ongoing disputes over under-remittances of oil revenue complicate Nigeria's fiscal management and raise concerns about sustainability.