NNPC spends $3.41bn out of $3.42bn oil earnings on JV cash calls in 1 yr

 
The monthly financial and production report of the Nigerian National Petroleum Corporation (NNPC) for June 2016 has disclosed that the corporation transferred a total of $3.41 billion it earned as proceeds from the export of oil and gas for one year to fund its joint venture operations, ThisDay reports.
According to the report, the corporation had from July 2015 mandatorily transferred its monthly dollar earnings from exports of the federation’s oil and gas resources into the joint venture account, the one year transfers so far amounted to $3.41 billion. It was however unclear if this was part of the corporation’s outstanding joint venture debts.
“The total export of crude oil and gas receipts for the period of July 2015 – June 2016 stood at $3.42 billion. Out of which the sum of $3.41 billion was transferred to JV Cash Calls in line with the 2016 approved budget, and the balance of $0.487 billion was paid to the Federation Account,” said a portion of the report which was recently released in Abuja.