The Federal government, through the Finance Ministry, has announced that the Nigerian National Petroleum Company Limited (NNPCL) has commenced the process of paying off its debt.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, made this announcement while addressing investors during a meeting in Washington, DC.

He stated that the NNPCL has initiated the process of settling the six billion dollar debt it owes to its suppliers.

Recall that the NNPCL admitted to experiencing financial strain due to the cost of sustaining supply and its indebtedness to oil suppliers, which amounts to over Six billion  Naira.