Fed Govt saves $1.7b on JV Cash Call arrears

A cash-call exit agreement between the Nigerian National Petroleum Corporation (NNPC) and Joint Ventures partners, the Federal Government has saved about $1.7billion.

It will repay the Cash Call arrears of $5.1billion within five years.

These facts are contained in a document titled “The new JV Self-Funding Model/ Cash Call Exit: Issues and implications”, which has been presented to the Federation Account Allocation Committee (FAAC) by the Nigerian National Petroleum Corporation (NNPC).

A critical part of the document, which was obtained by The Nation correspondent, borders on “Key Negotiated Terms” on the lingering JV Cash Call arrears.

The Nation, December 19, 2017

 

 

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