President Goodluck Jonathan has reportedly given his consent to the Nigerian National Petroleum Corporation to secure a $1.5 billion syndicated loan from Nigerian and international lenders led by Standard Chartered Bank Plc, to enable it to settle its huge indebtedness to foreign oil traders. The state oil company reportedly owes major commodity trading houses, including Glencore and Mercuria, about $3.5 billion in unpaid fuel supply bills. Highly placed NNPC sources confirmed the corporation had secured the president’s approval to secure the loan, but explained that the syndicated facility was yet to be obtained, contrary to reports on Monday that the corporation had already secured the loan. The General Manager, Government Relations, at NNPC, Ms. Tumini Green, also confirmed that the loan had not been secured, but that discussions to that effect had reached advanced stages. To support its decision to borrow, NNPC said the law establishing the corporation authorises it to borrow in the exercise of its functions.