Nigeria’s Owe Joint Venture Partners $6Bn In Cash Call

Yemisi Izuora

The federal government Cash Call obligation to Joint Venture Partners (JV), is around $6 billion, according to budget minister Udoma Udo Udoma.

Udo Udoma also disclosed that Nigeria managed to raise only 55 percent of its six-month revenue target in the first six months of 2016.

“We have not been able to meet overheads (such as travel allowances) but have concentrated on capital expenditure,” Udo Udoma said.

Nigeria’s 2016 budget has a volume of 6.06 trillion naira ($30.6 billion) but the government has struggled to fund it as oil production has fallen below the target of 2.2 million barrels a day due militant attacks in the Niger Delta.

He also said Nigeria hope to get a loan “soon” from the World Bank, part of efforts to raise as much as $5 billion to fund a deficit of 2.2 trillion naira.

Nigeria can expect a loan worth $1 billion to support its budget from the African Development Bank, its president said last week.

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