The Human and Environmental Development Agenda (HEDA Resource Centre), has said that it has formally initiated an information request to the Nigerian National Petroleum Company Limited (NNPCL).
In a statement on Tuesday, it said the request pertained to the recent acquisition of a $3bn emergency crude oil repayment loan from the African Export-Import Bank (Afreximbank.)
Chairman of HEDA Resource Centre, Olanrewaju Suraju, in the statement, said the action aligned with the provisions of the Freedom of Information (FoI) Act, 2011, which he said, underscored HEDA’s dedication to ensuring judicious resource utilization and safeguarding the nation’s interests.
He noted that the obtained loan, secured from the Afrexim bank, is intended to fortify the Naira and reinforce the foreign exchange market.
“Concurrently, HEDA acknowledges the potential merits of this endeavour while simultaneously expressing apprehensions about its possible implications for Nigeria’s economy, natural resources, and future prospects.
“Furthermore, the civil society group is keen to understand the specific oil grades or categories being utilized for the negotiation of the loan; the exchange rate to dollar being employed in the terms of the agreement for the crude oil repayment loan; and providing the quantity of oil that is being sold or used as collateral for this particular transaction.”
He stated that manifesting its vigilant oversight role in managing public resources, HEDA through its Freedom of Information has presented a series of pertinent inquiries to NNPCL, designed to elucidate the ramifications of the $3 billion crude oil repayment loan.
According to him, HEDA’s overarching objective is to acquire a comprehensive comprehension of the motivation behind the deal and its plausible effects on Nigeria’s economic landscape.
“As champions of accountability, we firmly believe that these inquiries will serve to illuminate the rationale underpinning the recent loan agreement, along with its potential ramifications for our nation’s economic well-being and overall prosperity,” Suraju said.
