FG cancels joint venture cash calls with oil coys

The Federal Government has announced the cancellation of joint cash call with oil companies operating in Nigeria.

The announcement came on a day the government said it had also uncovered heinous acts of frauds in the revenue generating agencies.

Briefing State House correspondents at the end of National Economic Council, NEC meeting at the presidential villa, Abuja, yesterday, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, alongside Governor Willie Obiano of Anambra State and his counterpart from Bauchi State, Alhaji Mohammed Abubakar, said Nigeria owed call arrears  of $6.8 billion over five  years.

The reason for the cash call withdrawal was principally hinged on the paucity of funds arising from the drastic fall of crude oil prices in the international market, which had made it almost impossible for Nigeria to meet its cash call obligations.

The development, however, is expected to generate about $15 billion worth of investments.