NNPC drew N4.9 trillion of the N5.1 trillion facility and had repaid N2.09 trillion by the terminate of 2025, leaving N2.81 trillion outstanding.
Leopard was a N3.05 trillion facility, fully drawn by February 2025. A source said the talks do not sign any approach to withdraw.
The facility is a entire-result swap in which Nigeria posts naira-denominated government securities worth regarding 133 per cent of the sum financed. For OPL 809/810, NNPC had provided N88.16 billion of regarding N430 billion.
Under an progressive gas agreement together with Nigeria LNG Modest, NNPC drew N535 billion of a N772 billion setup, using N312 billion (40.41 per cent) recovered.
The Nigerian Statewide Petroleum Business Modest (NNPC Ltd) has earmarked greater than 186,000 barrels per day of its crude output to repay loans, including outstanding central on three crude-backed financing deals now above N8 trillion, its 2025 audited financial statements demonstrate.
The deals are Project Gazelle, Project Leopard and Project Leopard II. It was fully drawn by December 31, 2025, and no prominent had been repaid. For OML 65, N13.93 billion had been drawn from a N957.65 billion facility. Remittances to the federal government rose 39 per cent to N22.3 trillion.
Crude and condensate output hit a five-year high of 1.77 million barrels per day, during the time that gas supply reached a three-year high of 7.2 billion standard cubic feet per day.
Separately, Opening Abu Dhabi Bank (FAB), the UAE’s largest lender, is reportedly sounding out other cross-border banks to take portion of its exposure to Nigeria’s $5 billion financing, Bloomberg reported, citing individuals recognized using the talks.
FAB would continue the prominent counterparty. Turnover was N34.5 trillion. Repayment was due to initiate in June 2026 once a six-month moratorium.
Gazelle and Leopard account for concerning N8.13 trillion of the financing.
NNPC had settled simply N2.886 trillion of N12.083 trillion in entire commitments across crude forward-sales, gas furnish deals and upstream funding obligations as of December 31, 2025.
On upstream projects, merely N44.98 billion of an estimated N1.54 trillion had been provided for OML 42. Regarding N420 billion had been repaid by year-complete, together with N2.47 trillion outstanding.
Leopard II raised N3.03 trillion against 61,250 barrels per day. The federal government drew $1.5 billion in June.
Fitch Ratings warned in June that the framework could produce Nigeria’s debt risks reduced observable and complicate any upcoming restructuring.
Nigeria’s people debt stood at N166.79 trillion at the conclude of June, made up of N91.59 trillion domestic and N75.20 trillion external.
Together they raised trillions of naira for the business against prospective production.
Gazelle, a five-year agreement signed in December 2023, commits 90,000 barrels per day. NNPC furthermore has an uncalled resources commitment of N95.99 billion on its Afreximbank Class B shares.
Despite the obligations, NNPC reported a 33 per cent rise in result once tax to N7.2 trillion in 2025, from N5.4 trillion in 2024.
Source: NNPC Earmarks 186,000bpd of Crude for Loan Repayment as Debt Obligations Top N8trn
