By Kazeem Ugbodaga
The Federal Government of Nigeria has dismissed reports suggesting the collapse of a proposed forward crude oil sale involving the Nigerian National Petroleum Company Limited (NNPC Ltd), stating that no final decision has been made on the matter.
In a press statement signed on Tuesday, June 11, by Mohammed Manga, Director of Information and Public Relations, the government said it is aware of recent media speculation surrounding the deal but emphasised that such commentary is premature and inaccurate.
“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government,” the statement read.
“Commentary suggesting the collapse of any such initiative is unfounded,” it added.
According to the statement, the forward sale of crude oil-an arrangement often used to secure financing by pledging future oil production-remains under consideration as part of a broader strategy to stabilise Nigeria’s economy.
“The Government remains focused on deploying a range of innovative, transparent, and fiscally responsible financing strategies to optimise Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability,” Manga said.
The clarification comes amid efforts by the Bola Tinubu administration to enhance revenue streams, attract foreign investment, and manage Nigeria’s foreign exchange needs, particularly in the wake of recent fiscal reforms.
While the details of any crude oil-backed financing mechanism remain under wraps, the Federal Government reiterated its commitment to transparency and fiscal responsibility in all dealings concerning the nation’s oil wealth.
“The public is urged to disregard misleading narratives and await official communication on key economic transactions,” Manga added.
