Nigerian government officials backpedal on claim that state oil company is insolvent
By APWednesday, July 14, 2010
Nigeria: Officials backpedal on state oil finances
ABUJA, Nigeria — Two Nigerian government officials say the state-run oil company is on sound fiscal ground, a day after a finance minister called the firm “insolvent.”
Information Minister Dora Akunyili told reporters Wednesday that the Nigerian National Petroleum Corp. “does not have solvency issues.” Finance Minister Segun Aganga also said the insolvency claim didn’t look at the “comprehensive picture.”
Tuesday, Minister of State for Finance Remi Babalola said the company needed $6.6 billion to cover its debts and fund future oil exploration. The denials Wednesday did not address the outstanding funds the corporation still owes the Nigerian government.
The Nigerian National Petroleum Corp. partners with foreign oil firms in exploration of its oil-rich Niger Delta.
