Nigeria: ‘Insolvent’ State Oil Company Needs $6.6B

July 14, 2010  |  

(AP) — Nigeria’s state-run oil company is “insolvent” and needs $6.6 billion to cover its debts and fund future oil exploration in the West African nation, a government minister said Tuesday. Minister of State for Finance Remi Babalola said the Nigerian National Petroleum Corp. asked for the funding after acknowledging its costs far outpaced its earnings. The corporation owes $3 billion alone to Nigeria’s federation account, which distributes oil money to federal, state and local governments, Babalola said.

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