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Buhari orders sale of 60% JVOA oil assets

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Buhari has directed the Bureau of Public Enterprises, BPE to commence immediate action to restructure the Joint Venture Oil Assets, JVOA so as to reduce government stranglehold to 40% and complete the exercise within the 2019 fiscal year.

This was revealed on Tuesday during the budget breakdown by the minister of Budget and National Planning, Sen. Udoma Udo Udoma in Abuja.

On spending, he said all spending in the 2019 fiscal year will be channeled specifically on critical economic sectors that have quick transformative potentials such as infrastructure; agriculture, manufacturing and social development.

He also informed that the federal government has sustained its efforts to improve public financial management through the comprehensive implementation of the Treasury Single Account, TSA.

The President added that the government also integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS).

He further stated that the Department of the Petroleum Resources, DPR has been directed to complete the collection of asset due to oil license and Royalty changes within three months.

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