The Federal Government has spent a total of N851.4 billion that’s about $2.79 billion on Joint Venture Oil and Gas assets from January to May this year.
Latest data from the Nigerian National Petroleum Corporation showed that the N851.38billion paid was transferred into the JV Cash Call Account from the proceeds of oil and gas exports and domestic sales.
The dollar allocation to the JV cash call account was $1.59billion while the naira portion was N366.39billion that’s about $1.2billion at an exchange rate of N305 per dollar.
The NNPC owns 55 per cent stake in its JV with Shell and 60 per cent stakes with others, including Chevron and ExxonMobil. But the government wants to reduce its stakes in the JV assets to 40 per cent this year without announcement of the duration.