As a further indication of the oil and gas sector’s loss of its status as the nation’s cash cow, the Federal Government’s revenue of $3.191 billion or N628.6 billion (at the rate of N197 per dollar) from exports in the industry, which was supposed to be retained from April to December 2015, has been used to meet Joint Venture (JV) Cash Calls obligation.Meanwhile, the grim reality of the effect of revenue drop in the country manifested evidently in the somewhat failed execution plan of the Federal Government budget in the second quarter of 2015 as only a paltry N5.14 billion was released for the financing of projects.
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