The Nigerian National Petroleum Company Limited faces a staggering N8.07 trillion debt pile from crude-for-loan deals, with major repayments kicking off this year that could squeeze government revenue even as oil production hovers around 1.4 million barrels per day.
Fresh analysis of NNPCL’s 2024 audited financials shows the state oil giant has pledged at least 213,000 barrels daily across four key facilities to service these obligations, a hefty chunk of Nigeria’s output which averaged 1.4 million bpd in October 2025 according to the latest OPEC report.
The deals, struck to plug funding gaps, refinance old loans, rehabilitate refineries and cover tax arrears, include:
Project Gazelle (N3.8tn outstanding, 90,000 bpd pledged for PSC payments)
Project Yield (N1.4tn for Port Harcourt refinery upgrade, 67,000 bpd equivalent starting June 2025)
Project Leopard (N1.3tn, 35,000 bpd from mid-2025)
Eagle Export Funding (N1.1tn, 21,000 bpd until 2028)
Plus a N472 billion gas-delivery commitment to Nigeria LNG.
These arrangements explain why Nigeria’s gross oil and gas profits crashed by N824.66 billion to N1.08 trillion in 2024, despite output rising 12.6% to 442 million barrels for the year. Much of the lifted crude is diverted straight to debt repayment rather than the national purse.
NNPCL raked in N29.21 trillion from crude sales last year – more than double 2023’s haul – but remittances to the federation remain under fire. The World Bank flagged that the company handed over just N600 billion of N1.1 trillion in 2024 revenue gains from subsidy removal, citing debt offsets.
