The Nigerian National Petroleum Corporation, NNPC, has spent $2.94 billion on Joint Venture Cash Call, JVCC, funding over a 12-month period, between October 2015 and September 2016.
The state-run oil firm, in its Monthly Financial and Operations Report for September 2016, stated that Joint Venture cash Call funding gulped 97.57 per cent of its total crude oil and gas export earnings over the 12-month period.
As a result of this, the Federal Government had last week announced the cancellation of Joint Venture Cash Call with oil companies operating in Nigeria, effective 2017, stating that it hopes to generate about $15 billion worth of investments from this action.
The NNPC, according to the financial report, earned $3.01 billion from crude oil and gas exports in the 12-month period, from which $72.9 million was remitted to the Federation Account.
Specifically, in the period under review, the NNPC earned $1.983 billion from crude oil export; $840.957 million from gas export and $185.3 million from other export items.
On the other hand, the NNPC spent N194.509 billion between October 2015 and September 2016 on JVCC from its total earnings on domestic crude oil and gas sales.
