The Nigerian National Petroleum Company Limited has settled part of its $3bn forward-sale loan from the African Export-Import Bank with crude oil valued at N991bn in 2024, according to the company’s financial statements.

The repayment forms part of Project Gazelle, a crude-backed financing deal signed in 2023 to support government revenue and stabilise Nigeria’s exchange rate. Under the agreement, NNPC committed to supply 90,000 barrels of crude per day from Production Sharing Contract assets.

By the end of 2024, the company had accessed N4.9tn of the N5.1tn available under the facility, with N3.8tn outstanding after repayment. The loan carries an interest rate of three-month SOFA plus 6.5 percent, in addition to a margin and liquidity premium of 0.5 percent each.

Despite fulfilling part of its repayment obligations between June and December 2024, NNPC did not disclose the identities of the crude offtakers or detailed delivery volumes.

Project Gazelle is one of several major crude-backed financing arrangements tied to NNPC. Combined commitments from key forward-sale deals—including Eagle Export Funding, Project Yield, Project Leopard, and Project Gazelle—amount to around 213,000 barrels per day, placing significant pressure on Nigeria’s crude allocation for fresh revenue.

Industry experts say these arrangements have long-term implications for government earnings. Oil and gas analyst Ademola Adigun has repeatedly warned that opaque crude-for-cash agreements and undisclosed repayments limit the volume of oil available for remittance into the Federation Account. He urged stronger audits to reveal how much of Nigeria’s output is tied to debt obligations.