Nigerias national oil company insolvent

13th July 2010, Comments 0 comments

Nigeria’s Minister of State for Finance Remi Babalola said Tuesday 13 July that the state oil company, Nigerian National Petroleum Corporation, is out of cash and needs unpaid subsidies from the government, to the tune of 6.6 billion. It needs the money to cover operating costs, reports AfricaNews with Reuters reports, which notes that “Despite ...

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