-Losses could be up to $28bn              

-Calls for Urgent Review of the PSCs to Stem Losses and Increase Govt. Revenues

Abuja, 3rd March, 2019. A quantitative study by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria lost at least $16b over a ten-year period (2008 – 2017) due to non-review of the 1993 Production Sharing Contracts (PSCs) with oil companies.

The study, which was done in conjunction with Open Oil (a Berlin-based extractive sector transparency group) indicates that the losses could be up to $28b if, after the review, the Federation were allowed to share profit oil from two additional licenses.

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  • Report highlights steady decline in revenues: 2016 revenue 31% lower than 2015’s and 75% lower than 2011’s
  • PSCs overtook JVs in 2016 as Nigeria’s leading production arrangement

Abuja, 21st December, 2018 - The latest report of the Nigeria Extractive Industries Transparency Initiative (NEITI) reveals that the total financial flows from Nigeria’s oil and gas sector slumped to $17.05 billion in 2016, a 31% decline on the $24.79 billion generated in 2015, and a 75% plunge on the sector’s peak earnings of $68.44 billion generated in 2011. In addition, the 2016 figure is the lowest in ten years and the fifth lowest in the 18 years covered by NEITI’s audit reports so far (1999 to 2016).

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