Nigeria may save NNPC JV funds to make up for budget shortfall

Nigeria’s Finance Minister Kemi Adeosun has said that Nigeria might use money set aside for funding joint venture projects with foreign and local oil firms to make up any shortfall in the 2016 budget if government revenue projections are not met, According to Reuters reports.
When asked how the budget would be funded if revenue projections fell short, Adeosun said;
“If the revenue doesn’t come in we have got 1 trillion (naira) in the budget for cash calls. We will not fund those cash calls from the budget”.
Cash calls are the government’s financial obligations to joint venture projects between state oil firm NNPC and international and local oil companies.
“We will force those cash calls out into the modified carrier arrangement and we will release that money back into the federation account. That’s where the fiscal buffer sits,” she reportedly stated.
Oil and Gas Press
Oil and Gas News Undiluted !!! “The squeaky wheel gets the oil”
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook
Disclaimer
Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles

#FOLLOW US ON INSTAGRAM