The Federal Government has set out to terminate the funding of a $7.39 billion, about N1.478 trillion per annum Joint Venture (JV) cash call obligation before the year ends.
The discontinuation of the cash call obligation would give the oil majors a free hand to source for funding from financial institutions or other sources to execute their projects adequately. The government will be concentrating on bringing in production sharing contract (PSC) type elements into the JV structures, to enable it get them back to work.
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