NNPC cash-for-oil deal mortgages 30% of output
The recent decision of the Nigerian National Petroleum Company Limited’s (NNPC) to pledge a total of 440,000 barrels of crude oil per day (bpd) to secure cash deals has raised questions about the future of Nigeria’s oil wealth and the well-being of its citizens. Africa’s biggest oil-producing country currently pumps around an average of 1.4…