For the second year in a row, the Federal Government has failed to carry out its planned sale of some of its stake in joint venture oil assets.


The Federal Government did not include the sale of the JV oil asset stakes as a source of expected revenue in the highlights of the 2020 budget presented by the Minister of Finance, Budget and National Planning.

The 2019 approved budget presentation revealed that the President, Major General Muhammadu Buhari (retd.), had directed that immediate action be commenced to restructure the JV oil assets “so as to reduce government shareholding to not less than 40 per cent and that this exercise must be completed within the 2019 fiscal year.”

The document said, “The overall revenue performance in 2018 is only 55 per cent of the target in the 2018 budget partly because some one-off items such as the N710bn from Oil Joint Venture Asset restructuring and N320bn from revision of the Oil Production Sharing Contract legislation/terms have yet to be actualised and have thus been rolled over to 2019.

“We have again reflected projected proceeds from oil assets ownership restructuring as revenues for transparency and monitoring. Expected funds have been earmarked to fund critical capital projects as this was not achieved in 2018.”

The nation’s oil and gas production structure is majorly split between the JV onshore and in shallow water with foreign and local companies and the PSC in deepwater offshore, to which most international oil companies have shifted their focus in recent years.

The Nigerian National Petroleum Corporation owns 55 per cent stake in its JV with Shell and 60 per cent stakes with others, including Chevron and ExxonMobil.

Under the JV arrangement, both the NNPC and private operators contribute to the funding of operations in the proportion of their equity holdings and generally receive the produced crude oil in the same ratio.

The Buhari-led regime had in its Economic Recovery and Growth Plan released in 2017 said it would reduce its stakes in JV oil assets, refineries and other downstream subsidiaries such as pipelines and depots.

Source: https://punchng.com/fg-reverses-decision-to-sell-oil-asset-stake/

Please stop and say a prayer for the Destiny of our unborn kids in this country. And it's not funny

Government of back and forth.
2023 shld come very fast whether the majority Zombie will vote base on integrity not party affiliation.

It was a terrible idea to begin with-reduce the stake in the joint ventures to 40% to raise billions of dollars for audio infrastructure projects that will be looted by the fantastically corrupt political class. And face future shortfall in revenue which will lead to greater budget deficit and debt financing, further bringing to country closer to future insolvency.

I am happy the decision was reversed, the President was deceived by selfish advisers to reduce the stake to 40%. This same advisers would have gone through the backdoor to buy stakes in the joint ventures.

Frontpage Lalastiscala. Buhari finally made a decision that has the interest of Nigeria.

Maybe he is beginning to turn a new leaf and change his ways,

The most unstable government in the history of this country. Always back and forth

Buharin is running a super clueless regime full of rogues.

This government na back and forth.

If the assets are sold, the masses will only enjoy 10k loan .

In my opinion, calling PMB a retired Major General is a compliment.

No be beans to attain major general in army and still spend eight years as president.

Please see my signature.

Hmmmmm

okay we don hear!

noleflendum:

Inconsequential

This government is confirmed confused set of people, especially the minister of finance.

ProsperChild:

Source: https://punchng.com/fg-reverses-decision-to-sell-oil-asset-stake/

This present government have sworn with their tiny diiicks and Scattered puna's that they're going to make sure Nigerians craw with their knees

Truth is, if these guy can they would sell Nigeria to the highest bidder

This government is just confused and clueless.

1) Buhari said he doesn't believe in subsidy in it's entirety. Now he's paying it
2) Buhari and his men have said severally that Boko Bombers has been defeated yet they keep fighting BH
3) Buhari said he belongs to everybody and nobody yet we all see clearly he belongs to the north
4) Buhari said he will put an end to frivolous foreign trips yet he cures even his headache in London as there's no paracetamol in Aso clinic
5) Buhari said he doesn't believe in the office of the First lady but in practice reverse is the case
6) Buhari closed borders but is going to give free visa to ALL Africans upon entry into Nigeria in 2020

7) Now this

careytommy37:
The most unstable government in the history of this country. Always back and forth

Yes, if you make mistake, reverse your decision. That's makes you a man. Railway construction is going on in North and South-West, also road construction all over the country including the 2nd Niger Bridge which Goatluck Jonathan commissioned on paper. Yet, the government is unstable. Please tell us what the stable PDP governments did for 16 years.

If you do not vomit this hatred that your parents planted in you, it will choke you to unconsciousness.

Buhari shouldnt sell our oil asset, with all the loans he is taking we need more oil asset to generate income to pay back

Better.
We can't keep loosing all our assets

We grar

Better

So federal where planning to sell my father land ?

Ok

Right decision.

Kingrefreshed:



This present government have sworn with their tiny diiicks and Scattered puna's that they're going to make sure Nigerians craw with their knees

If you have sense at all, you will know that a typical Hausa/Fulani man has a dicck that is a combination of four our your tiny dicck.

419

They won’t

QuickStandard:


Truth is, if these guy can they would sell Nigeria to the highest bidder

Yes, your evil PDP of a criminal party almost sold Nigeria to the highest bidder few years back.
But God pass all of una!

God saved our country from criminals and looters.