FG set to disburse the first installment of the $5.1 billion Joint Venture (JV) cash calls to IOCs

Further to the agreement reached between the International Oil Companies(IOCs) operating in Nigeria and theFederal Government of Nigeria(FGN)in December, 2016 in respect of the Joint Venture (JV) cash call obligations owed to the IOCs, the Minister of State for Petroleum Resources recently revealed that the FGN is now set to commence payment of the first tranche of the $5.1 billion JV cash calls debt owed to IOCs in April.