NNPCL Debt Forgiveness By FG Sign Of Ojulari's Transparent Leadership - Reps Deputy Spokesperson Agbese


 The Deputy Spokesperson of the House of Representatives, Hon. Philip Agbese, has hailed President Bola Tinubu's approval of the cancellation of substantial legacy debts owed by the Nigerian National Petroleum Company Limited (NNPCL) to the Federation Account as a resounding endorsement of the transparent and transformative leadership of NNPCL Group Chief Executive Officer, Engr. Bashir Bayo Ojulari.


The presidential directive, which wiped out approximately $1.42 billion and N5.57 trillion in outstanding obligations as of December 31, 2024, followed a meticulous reconciliation by the Stakeholder Alignment Committee.


Agbese described the move as a clear vote of confidence on Ojulari's stewardship.


"This debt forgiveness is not just financial relief; it is a powerful testament to the trust the Presidency has in Engr. Ojulari's commitment to transparency and accountability," Agbese said.


"Under his leadership, NNPCL has opened its books like never before, enabling accurate reconciliation of long-standing disputes and paving the way for this historic clean slate."


Agbese pointed to several landmark achievements under Ojulari  as evidence of his disciplined approach that has repositioned NNPCL as a commercially viable and profit-driven entity.


"The resumption of monthly financial and operational reports – a practice dormant since 2021 – has restored stakeholder confidence and ensured real-time oversight," he noted.


"This level of openness directly facilitated the transparent reconciliation process that led to the debt cancellation."


He further commended the record-breaking performance in upstream operations.


"NNPCL's subsidiary, NNPC Exploration and Production Limited, achieved a daily output of 355,000 barrels on December 1, 2025 – the highest in 36 years," Agbese stated.


"With average production surging 52% from 203,000 barrels per day in 2023 to 312,000 in 2025, and national output climbing to over 1.7 million barrels per day, Ojulari has delivered tangible results through collaborations with partners and robust measures against crude theft."


On infrastructure, Agbese highlighted major breakthroughs.


"The completion of the main line welding for the $2.8 billion Ajaokuta-Kaduna-Kano gas pipeline, including the challenging River Niger crossing, is a game-changer," he said.


"This milestone, achieved under Ojulari's watch, will soon deliver gas to northern Nigeria, sparking industrial growth and economic diversification."


Agbese also praised Ojulari's forward-looking targets.


"Setting realistic goals for 1.8 million barrels per day in 2026, backed by the Petroleum Industry Act reforms that have freed NNPCL from federal funding dependency, shows visionary leadership," he added.


"These reforms have turned NNPCL into a profit-oriented company focused on national energy security."


Touching on downstream efforts, Agbese noted steady advancements in refinery rehabilitation."Ojulari's team has made significant progress on the Port Harcourt Refining Company, aligning with broader initiatives to boost domestic refining capacity and reduce import dependence," he remarked.


"This comprehensive approach ensures long-term sustainability."


Agbese emphasised the broader impact."With this debt resolution, NNPCL can now channel full energy into current operations and future investments," he said.


"Engr. Ojulari's transparent leadership has not only resolved historical burdens but is building a stronger, more accountable national oil company for all Nigerians. We look forward to even greater milestones ahead."

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