Abuja, Nigeria – The Federal Government has dismissed claims circulating in the media regarding the alleged collapse of a forward crude oil sale involving the Nigerian National Petroleum Company Limited (NNPC Ltd), describing such reports as speculative and unsubstantiated.
In a statement released by the Federal Ministry of Finance on Tuesday, the government clarified that no final decision has been taken on any crude forward sale transaction. The statement, signed by Mohammed Manga, Director of Information and Public Relations, emphasized that while market speculation is not unusual during ongoing economic reforms, public commentary suggesting failure or collapse of any forward sale deal is premature and misleading.
“The Federal Government of Nigeria is aware of recent media reports concerning a potential forward sale of crude oil involving NNPC Ltd. While market speculation is not uncommon, no final decision has been announced by the Government, and commentary suggesting the collapse of any such initiative is unfounded,” the statement read.
The Ministry reiterated its commitment to deploying “innovative, transparent, and fiscally responsible financing strategies” aimed at optimising Nigeria’s vast oil assets, boosting external liquidity, and strengthening macroeconomic stability in line with current reform efforts under President Bola Tinubu’s administration.
This clarification comes amid intensified economic recovery efforts and a series of ongoing fiscal measures intended to stabilize the naira, increase government revenue, and attract both local and foreign investments.
Forward crude oil sales — transactions where oil is sold in advance for future delivery, typically used as collateral for financing — have been part of Nigeria’s oil-backed loan strategies in the past, especially in efforts to fund infrastructure or shore up the nation’s foreign reserves. However, the government says any such plans going forward will be grounded in transparency and aligned with national interest.
The Ministry urged the public and media to rely on official communications for verified updates, adding that fiscal decisions are being guided by due diligence and sound economic principles.
