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$21 Billion Arrears: Nigerian Senate To Investigate Oil Firms Over Non Compliance With PSC Act

Unic Press UK: The Nigerian Senate has resolved to review the Deep Offshore and Inland Basin Production Sharing Contracts Act CAP D3 LFN 2004, moving to recover circa $21 billion arrears of revenues that are due to the Federation from the Production Sharing Contracts (PSC).

During plenary Wednesday, the Senate mandated its Committee on Petroleum Resources Upstream to determine the factors that undermined a review of the PSC Act; recommend the best fiscal regime to apply in this case; and recover arrears of revenue.

The resolution at the plenary of the Senate follows a Motion sponsored by Senator Ifeanyi Ubah (YPP – Anambra South), who, among other submissions, reminded the Senators’ that the federal government had lost about $21 billion in the past 20 years as confirmed on December 14, 2017 by the Minister of State for Petroleum Resources at the end he Federal Executive Council.

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