The Federal Government has reduced the cash call debts it owe Joint Ventures with international oil companies to $3.95 billion.
A document of the Nigerian National Petroleum Corporation showed that the state oil firm paid arrears of $993.7 million in September last year.
NNPC plans to raise about $2.3 billion in financing from third parties to help cover costs.
NNPC holds 55 percent stakes in JVs on behalf of federal government.
The Federal Inland Revenue Service received a total of N300.4bn between 2016 to 2018 as cost of revenue collection
The law setting up the FIRS allows the agency to deduct four per cent as the cost of revenue collection from non-oil taxes before remitting into the federation account.
A breakdown of the N300.4bn cost of revenue collection by the FIRS showed that N85.99bn was received in 2016, N100.3bn in 2017 and N114.1bn in 2018
Chairman, FIRS, Babatunde Fowler, says the service is intensifying its tax compliance strategies through collaboration with public and private sector organisations to improve revenue.
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