The Director General, Budget Office of the Federation, Ben Akabueze, yesterday stated that Joint Ventures (JVs) are bleeding the most as a result of rising crude oil theft and rampant destruction of oil production facilities across the country. Speaking at the Lagos Chamber of Commerce and Industry (LCCI) economic and business outlook seminar 2022 tagged: “LCCI Mid-year economic review and outlook conference,” in Lagos, he pointed out that JVs have the highest stake in oil and gas contracts, maintaining that the implications for federal government’s revenue was vastly in a different way with the stake much lower on production sharing contracts. He, however, blamed Nigeria’s inability to meet the Organisation of Petroleum Exporting Countries’ (OPEC’s) quota due to what he described as industrial scale crude oil theft and the rampant vandalism of crude oil facilities. He said there are different business arrangements in the oil and gas sector which […]