The Minister of Budget and National Planning, Udoma Udoma revealed in a statement that the federal government of Nigeria intends to reduce its majority stake to 40 percent in joint oil ventures with multinational oil companies this year.

This move by the government is majorly to boost the country’s revenue.

Udoma Udoma said the government will intensify efforts to improve its finances including the “ immediate commencement of the restructuring of the joint venture oil assets so as to reduce government shareholding to 40 percent.”

Read more at Reuters