Reacting to President Buhari's budget statement that no provision was made for Joint Venture, JV, cash calls from January, 2017, Chambers Oyibo, former Group Managing Director of Nigerian National Petroleum Corporation, NNPC, said it is in line with what the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, earlier stated about having alternative funding.
Oyibo, who is also Chairman, Prime Energy Resources Limited, said: "It is in line with what the Minister of State said earlier that there should be alternative means of funding in the sector. In fact, he talked about having incremental production agreement with the international oil companies, IOCs. The idea is to fast-tract the funding mechanism such that it does not have to go through the National Assembly for approval.
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