Joint Venture funding gulps N833.8b over 12 months

The Federal Government’s Joint Venture cash calls funding between March 2015 to February 2016 gulped about $4.156 billion (about N833.8 billion) for the period, The Guardian reports.

The Nigerian National Petroleum Corporation (NNPC) said in its current monthly financial report that JV funding, which is a first line charge to Federation Account, has gulped more than 95.74 per cent of the proceeds from oil and gas exports.

It said that the 2015 approved budget requires monthly funding of about $615.8 million, adding that NNPC was therefore mandated to sweep all the export receipt to JV cash call funding, implying a zero remittance to federation account.

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