– Says no final decision yet
Mkpoikana Udoma
Port Harcourt — The Federal Government has debunked media reports suggesting the collapse of a proposed forward sale of crude oil by the Nigerian National Petroleum Company Limited, NNPC Ltd, stating that no such deal has been finalized.
In a statement signed by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, the government clarified that while there have been discussions and market speculation surrounding a potential forward sale of Nigeria’s crude oil, any talk of failure is “unfounded and misleading.”
“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government, and commentary suggesting the collapse of any such initiative is unfounded,” the statement reads.
The forward sale, if finalized, is expected to provide much-needed liquidity support to Nigeria’s struggling foreign exchange market and enhance fiscal stability.
Forward sales typically involve selling future oil production in exchange for upfront cash, a mechanism used in the past to bridge short-term funding gaps.
Reaffirming its economic strategy, the Federal Government said it 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.”
The clarification comes amid mounting public interest in the government’s oil-backed funding plans, with analysts noting the urgency for Nigeria to stabilise its exchange rate and attract capital inflows.
