New licences are to be issued for oil blocs in the Niger Delta region to partly finance the proposed 2017 budget that President Muhammadu Buhari will present to a joint session of the National Assembly today December 14 in Abuja.
Also, more than N500 billion recovered from treasury looters will be pumped into the proposed budget, to cope with revenue shortfall to implement it.
Budget and National Planning Minister, Udoma Udo Udoma made this known while defending the Medium Term Expenditure Framework and fiscal strategy paper before the Senate finance and appropriation committee.
Udoma also told the committee that the joint venture agreement with the oil majors will be reviewed, as well as the agreements on the marginal oil fields to increase revenue in 2017.
The minister adds that N10 trillion revenue is projected from the oil sector, and N5.06 billion from non-oil sector in 2017.