Federal Government expects about nine hundred billion naira from oil blocks renewal next year

Written by on December 30, 2019

Federal Government is looking to earn nine hundred and thirty-nine billion naira from the renewal of oil blocks by operators in Nigeria’s oil and gas industry next year.

This is in accordance with the breakdown of the approved 2020 budget presented by the Minister of Finance, Budget and National Planning, Zainab Ahmed.

The budget shows that revenue from signature bonuses, renewals and early renewals would account for eleven point two percent of total revenue expected by the Federal Government.

The aggregate revenue available to fund the 2020 budget is projected at eight point four-two trillion naira.


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