NEC Confirms $3 Billion Loan to Stabilize Naira Amidst Currency Fluctuations

In a statement following the 136th NEC meeting held at the Aso Rock Presidential Villa, the Nasarawa State Governor, Abdullahi Sule, confirmed that the $3 billion emergency loan secured by the Federal Government in August will be utilized to stabilize the fluctuating value of the naira, which recently reached N1000/$ in the parallel market.

On August 16, the Nigerian National Petroleum Company Limited announced the acquisition of the loan from Afrexim Bank to ease pressure on the naira, allowing for early settlement of taxes and royalties.

Governor Sule stated, “We are confident that the $3 billion will be useful to us in the future, with the planned improvements in revenue and the listed measures.”

The implementation of the intervention and the need for a supplementary budget will be determined by the new leadership at the Central Bank, led by recently confirmed CBN governor Olayemi Cardoso.

Regarding the supplementary budget, Governor Sule clarified that there is currently no immediate need for one and no supplementary budget requests have been presented to NEC.

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