SOURCE(NAIJAPALABA.COM)The Federal Government, through the Nigerian National Petroleum Corporation, spent a total of N1.08tn ($3.53bn) on joint venture oil and gas assets from January to July this year, latest data from the corporation showed. A total of N1.829tn, over half of the total revenue generated from oil and gas sales last year, was used for the payment of JV cash calls in 2018. The government had said it would reduce its stakes in the JV assets to 40 per cent this year but it remains uncertain whether this will be done. The NNPC, which represents the Federal Government in the JVs with private oil firms, has an obligation to make cash call payment for the development of the JV assets.

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