Nigeria's Petroleum Company Halts Oil Swap

The Nigerian National Petroleum Company Limited has begun buying petrol via cash tenders, rather than oil swaps, for the first time in nearly a decade. <br />Shell Petroleum Development Company Limited has also disbursed N3.72 billion and an additional $12.32 million for host community development in compliance with the provisions of the Petroleum Industry Act. <br />NNPC will pay the last debts owed under the long-running oil swaps by the end of next month. <br />The shift is the result of efforts by President Bola Tinubu to eliminate costly fuel subsidies as part of broader reforms aimed at shoring up the country's struggling finances.<br /><br />This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at <a href="https://www.spreaker.com/show/4166630/advertisement">https://www.spreaker.com/show/4166630/advertisement</a>