During the 136th meeting of the National Economic Council (NEC), it was confirmed that the $3 billion emergency loan-for-crude oil, which the Federal Government secured in August, would be utilized to stabilize the Nigerian currency, the naira. The value of the naira has been fluctuating in the Investors & Exporters' window and has worsened in the parallel market, reaching N1000/$ earlier this month.

Governor Abdullahi Sule of Nasarawa State addressed State House correspondents after the NEC meeting, stating that they were confident the loan would be beneficial in the long run. He expressed belief that with the implementation of the economic recovery plan and the measures outlined to improve revenue, the $3 billion loan would be effectively utilized.

The Nigerian National Petroleum Company Limited had announced on August 16 that it had secured an emergency $3 billion crude repayment loan from Afrexim Bank. The loan was intended to alleviate pressure on the naira by enabling the settlement of taxes and royalties in advance. It was also aimed at providing the Federal Government with the necessary dollar liquidity to stabilize the naira with limited risk.

However, despite the loan, the naira has continued to fluctuate in the Investors & Exporters' window and has worsened in the parallel market, reaching N1000/$. The naira experienced a slight recovery on September 22, 2023, following the nomination of Olayemi Cardoso as the new CBN governor. It gained N10 against the dollar in the black market, closing at N990/$1.

When asked about the timing of the intervention and the possibility of a supplementary budget, Governor Sule explained that the new team at the Central Bank of Nigeria (CBN) needed time to work out the modalities for the loan's utilization. He emphasized that it would take some time to plan the process of stabilizing the naira.

Regarding the supplementary budget, Governor Sule stated that there was currently no immediate need for it. He mentioned that no supplementary budget requests had been presented to the NEC thus far, indicating that it would depend on the ongoing developments and circumstances.

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