NNPC Allocates 186,000bpd of Crude for Loan Repayment

The Nigerian National Petroleum Company Limited (NNPC Ltd) has earmarked more than 186,000 barrels per day of its crude output to repay loans, with outstanding principal on three crude-backed financing deals exceeding N8 trillion, as per its 2025 audited financial statements. The financing deals include Project Gazelle, signed in December 2023, which commits 90,000 barrels per day and has an outstanding balance of N2.81 trillion after N2.09 trillion repayment.

Project Leopard, a N3.05 trillion facility, has N2.47 trillion outstanding, while Project Leopard II, fully drawn by December 31, 2025, has no principal repaid yet. NNPC's total commitments across various financing arrangements reached N12.083 trillion, with only N2.886 trillion settled by the end of 2025.

Despite these obligations, NNPC reported a 33% increase in profit after tax to N7.2 trillion in 2025, with revenue of N34.5 trillion and a 39% rise in remittances to the federal government.