Muhammadu Buhari, to consider selling off nearly half of Nigeria’s Joint Venture equity with multinational oil companies, to enable the new government to raise a huge balance for immediate developmental projects.
The CBN governor said the incoming administration should give serious thought to the proposal for Nigeria to scale down its current majority stakes in the joint ventures with various multinational oil companies in the country.
The Nigerian National Petroleum Corporation currently holds, on behalf of the Nigerian government, at least 55 per cent equity in the joint ventures with Shell, ExxonMobil, Chevron, Total, Nigerian Agip, and Pan Ocean.
The partnership means for each daily production of oil in Nigeria, the government receives 55 per cent after the production cost has been deducted.
Emefiele wants the government to shed at least 25 per cent of that equity to raise some emergency funds for infrastructure development in key sectors of the economy.
Keep your advice to yourself Mr man.
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