Following the oil price crash, Nigeria has been hit by a severe case of dwindling revenue, which has forced president Goodluck Jonathan to slash the 2015 budget.
Emefiele however has advised Buhari to consider selling off nearly half of Nigeria’s Joint Venture equity with multinational oil companies, to enable the new government raise a huge balance for immediate developmental projects.
If Mr. Buhari accepts the advice, Nigeria stands to generate about N14.9 trillion, about three times the country’s annual budget, which should be immediately ploughed into providing badly needed infrastructure development, Mr. Emefiele said.
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 CBN governor said the incoming administration should give serious thoughts to the proposal for Nigeria to scale down its majority stakes in the joint ventures currently with various multinational oil companies in the country.
Credits : nigerianbulletin.com
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