Reps Deputy Spokesperson Agbese Reacts as Tinubu Approves $1.42bn Debt Write-Off for NNPC
- Philip Agbese speaks on President Bola Tinubu's decision to cancel $1.42 billion in NNPCL debts
- Agbese links the development to CEO Ojulari's achievements, including record oil outputs and significant pipeline projects
- The lawmaker also spoke on the NNPCL target of1.8 million barrels per day in 2026, assessing whether it's realistic or not
Abuja, FCT - Philip Agbese, deputy spokesperson of the House of Representatives, has weighed in on President Bola Tinubu's approval of the cancellation of $1.42 billion and 5.57 trillion naira in debts owed by the Nigerian National Petroleum Company Limited (NNPCL).
Legit.ng gathers that the decision is part of President Tinubu's push to clean up NNPC's books and boost transparency.
Source: Facebook
$1.42bn debt write-off: Agbese hails Tinubu, Ojulari
In a statement released on Friday, January 2, Agbese hails President Tinubu for taking the decision, which he described as "a resounding endorsement of the transparent and transformative leadership of NNPCL Group Chief Executive Officer, Engr. Bashir Bayo Ojulari."
He said the presidential directive followed a meticulous reconciliation by the Stakeholder Alignment Committee, adding that it is a clear vote of confidence in 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 in the statement.
"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 highlights Ojulari's achievements
Agbese further pointed out some achievements of the NNPC under Ojulari, which he said includes ransparent reconciliation process, resumption of monthly financial and operational reports, record-breaking performance in upstream operations, among others.
Source: Facebook
According to Agbese, 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." He added that the national output is climbing to over 1.7 million barrels per day.
He also applauded Ojulari for the completion of the main line welding for the $2.8 billion Ajaokuta-Kaduna-Kano gas pipeline, including the challenging River Niger crossing, which he described as a game-changer.
The lawmaker said Ojulari, through his achievements, has repositioned NNPCL as a commercially viable and profit-driven entity and restored stakeholder confidence.
"This level of openness directly facilitated the transparent reconciliation process that led to the debt cancellation," he said.
Agbese assesses NNPCL's 2026 targets
Speaking on the NNPCL's 1.8 million barrels per day in 2026, Agbese said the target, which is reportedly backed by the Petroleum Industry Act, is "realistic" and "forward-looking".
On the downstream efforts, Agbese said 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.
"Engr. Ojulari's transparent leadership has not only resolved historical burdens but is building a stronger, more accountable national oil company for all Nigerians," the lawmaker said.
ICPC assesses NNPC in new integrity ranking
Meanwhile, Legit.ng earlier reported that Nigeria’s state oil company came under renewed scrutiny following a low assessment by the Independent Corrupt Practices and Other Related Offences Commission.
In its 2025 Ethics and Integrity Compliance Scorecard, the ICPC scored NNPCL zero, placing the national oil company at the very bottom of 357 federal ministries, departments and agencies evaluated nationwide.
The outcome has reignited concerns about governance, transparency and accountability in some of Nigeria’s most strategic public institutions, particularly within the oil and gas sector that remains central to the country’s economic survival.
Source: Legit.ng
