Nigeria’s state oil company, NNPCL, is currently weighed down by crude-backed loan obligations estimated at a staggering ₦8.07 trillion, according to its 2024 financial records.
These debts are tied to multiple forward-sale and project-financing deals that require massive crude and gas deliveries for repayment — a strategy NNPCL has leaned on due to unstable oil production, revenue strain, and declining investments in the sector.
Some of these facilities were used to refinance older loans, fund refinery upgrades, support cash flow, and meet urgent government revenue needs.
One of the biggest exposures is the Eagle Export Funding arrangement — structured across three loan tranches:
🔹 $935m (2020) — backed by 30,000 barrels/day — fully repaid by Sept. 2023
🔹 $635m (2020) — also fully settled in the same period
🔹 $900m (2023) — still outstanding — tied to 21,000 barrels/day crude supply
This remaining tranche forms a key part of the huge liability burden the company must continue servicing through future crude exports.
Analysts warn that if production doesn’t improve, Nigeria’s national oil revenue could remain under intense pressure.
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