-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.