Dr George Elimbi, Executive Vice President AFREXIM Bank and Mele Kyari, Group Chief Executive Officer NNPC Ltd after signing of the loan deal in Cairo, Egypt.

The Ijaw Youth Council (IYC) has kicked against the 3 billion dollars Emergency Crude Repayment Loan secured by the Nigerian National Petroleum Company (NNPC) Limited from African Export-Import (AFREXIM) Bank.

The NNPC had last month announced the deal, saying the commitment letter which was signed at AFREXIM Bank’s headquarters in Cairo, Egypt will enable it support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.

But briefing journalists in Port Harcourt, the Rivers State capital, the National Secretary General of the IYC, Maobuye Nangi Obu, noted that if the loan is capped at 70 dollars per barrel of oil, it would take the NNPC about 9 years to pay back the debt.

He added that the loan which will be repaid in crude oil will further mortgage the future of Nigerian youths who are currently grappling with the harsh economic reality in the country.

The IYC National Secretary General said Nigerians particularly the youths deserve to know where NNPC intends to get the crude to pay back the AFREXIM Bank loan as according to him, NNPC only accounts for 400,000 barrels of the county’s daily crude oil production.

He said the youths who will bear the brunt of the loan are not comfortable as the loan facility is shrouded in secrecy with the repayment plan yet to be made public.