The African Export-Import Bank and the United Bank for Africa have disbursed $2.25bn of the $3.3bn oil-for-cash loan facility arranged by the Nigerian National Petroleum Company Limited.
An initial disbursement of $2.25bn has been made and a second tranche of $1.05bn is expected to be disbursed subsequently.
UBA says that the five-year facility carries a margin of 6.0 per cent per annum above the three-month secured overnight financing rate.
The NNPCL Group Chief Executive Officer, Mele Kolo Kyari, said that the proceeds of the facility have been made available to the federal government as one of the strategies for improving macroeconomic stability.