21 November 2017

Nigeria: 2018 - Govt Targets N112bn From Marginal Field Bid Round

The Federal Government plans to partly fund the 2018 budget from around N112 billion revenue that will come mostly as signature bonus from the planned marginal field bid round which has suffered several setbacks, Daily Trust reports.

According to an overview of the 2018 budget proposal presented by Minister of Budget and National Planning Mr. Udoma Udo Udoma recently, the government plans to fund the budget with N6.6 trillion revenues from various sources among which signature bonus will contribute 1.7 per cent amounting to N112 billion.

Signature bonuses, according to the Nigeria National Petroleum Corporation (NNPC), are funds paid by oil companies to the Federal Government upon their successful bid for oil blocks.

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