In a move certain to raise eyebrows reminiscent of the outcry over the proposal on the sale of the country’s strategic oil and gas assets, the Nigerian National Petroleum Corporation (NNPC) has said that it is working on new modalities that would allow it to fund its joint venture (JV) cash call obligations in the future, as well as pay off the arrears on the JVs from oil and gas royalties and taxes.
It said under the planned model, such payments would be deducted through a first line charge, implying that this will leave less funds to the three tiers of government to share.
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