• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Sponsored NEITI Welcomes Amendment to PSC Act
  • Sponsored

NEITI Welcomes Amendment to PSC Act

By
Orji Ogbonnaya Orji
-
October 30, 2019
NEITI ES Waziri Adio
NEITI ES Waziri Adio

NEITI Welcomes Amendment to PSC Act

The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed with enthusiasm the passage of the Deep Offshore and Inland Basin Production Sharing Contract Amendment Bill by the National Assembly.

In a statement yesterday in Abuja, the Executive Secretary of NEITI Waziri Adio described the amendment as long overdue and commended the 9th National Assembly and the Presidency for breaking the jinx with the prompt action taken to amend the law at record time.

The Executive Secretary noted with satisfaction that the development was quite consistent with NEITI’s agitation for urgent amendment of the law to forestall further revenue losses to the federation.

Mr Adio recalled that in March 2019, NEITI published a policy brief titled “the 1993 PSCs: the steep cost of inaction,” which revealed that Nigeria lost between $16.0bn and $28.61bn within ten years for failure to review the terms of PSC agreement in 2008 as was required by the law governing the PSCs.

Read Also:

  • COAS Shakes Up Army Command, Redeploys Senior Officers Nationwide
  • Tinubu Decorates Service Chiefs, Charges them to Defeat Terrorism
  • Troops Eliminate Bandits, Rescue Hostages in Zamfara, Repel ISWAP Attack in Borno

According to NEITI, the two triggers for reviewing the Act were met in 2004 when price of oil crossed $20 per barrel and in January 2008 after 15 years that the 1993 PSCs. Section 16 (1) of the Deep Offshore and Inland Basin Production Sharing Contracts Act Cap. D3. LFN 2004 stipulates that:

“The provisions of the Act shall be subject to review to ensure that if the price of crude oil at any time exceeds $20 per barrel, real terms, the share of the Government of the Federation in the additional revenue shall be adjusted under the Production Sharing Contracts to such extent that the Production Sharing Contracts shall be economically beneficial to the Government of the Federation.”

The NEITI Executive Secretary expressed confidence that with the amendment, the revenue generation for the federation in the PSC arrangement in the oil and gas industry will witness significant improvement.

Mr Adio renewed his appeal to the National Assembly and the Presidency to pay similar priority attention to all other pending legislations required to push the much desired reforms in the oil and gas industry

The Deep Offshore and Inland Basin Production Sharing Contracts Act was enacted in March 23, 1999. However implementation was backdated to commence in January 1, 1993.

Dr Orji Ogbonnaya Orji
Director, Communications & Advocacy

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • NEITI
  • PSC Act
Previous articlePolice Nab Impersonator of FCT Minister
Next articleGombe Children: Again Police Nab Child Stealing Syndicate in Anambra
Orji Ogbonnaya Orji
Orji Ogbonnaya Orji
http://www.PRNigeria.com

RELATED ARTICLESMORE FROM AUTHOR

Military Troops in Action

Troops Raid Bandits Camps, Eliminate 1, Recover Motorcycles

Troops Neutralised Dozens of Terrorists in Niger, Borno, Disrupt Local Collaborators Network

Pantami Foundation disbursing scholarship awards to students

Pantami Foundation Disburses ₦18m Scholarship to 232 Indigent Students

Saudi Arabia Begins Free Eye Care Services at Lagos Hospital

Hajj 2024 Guests of King Salman from Nigeria

Saudi Arabia Announces Fines for Unauthorized Hajj Pilgrims, Facilitators

Third-Estate

Third Estate Elects Ladan Gobir, others in New Leadership Team

President of MAAUN Group of Universities handing over the document for the building to the Managing Director NWDC

Prof. Gwarzo Donates 7-Storey Building to North-West Development Commission for Head Office

PHOTO: How IMPR Staff Dazzled at 2025 Spokespersons Awards

NITDA Inaugurates Technical Working Group to Advance National Cloud Sovereignty Initiative

IgniteHer Bootcamp

IgniteHer Bootcamp Empowers 90 Women Entrepreneurs to Bridge Gender Gap

Professor Isa Pantami Foundation Sponsors JAMB Registration for 1,000 Students

Professor Isa Pantami Foundation Sponsors JAMB Registration for 1,000 Students

Ibrahim Badamasi Babangida IBB

*”IBB: The Memoir, The Myth, The Legend”*

Recent Posts

  • COAS Shakes Up Army Command, Redeploys Senior Officers Nationwide
  • Tinubu Decorates Service Chiefs, Charges them to Defeat Terrorism
  • Troops Eliminate Bandits, Rescue Hostages in Zamfara, Repel ISWAP Attack in Borno
  • Military Neutralises Insurgents, Recover Logistics in Gwoza Ambush
  • Trump Orders Pentagon to Resume Nuclear Weapons Testing
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
COAS Shakes Up Army Command, Redeploys Senior Officers NationwideTinubu Decorates Service Chiefs, Charges them to Defeat TerrorismTroops Eliminate Bandits, Rescue Hostages in Zamfara, Repel ISWAP Attack in BornoMilitary Neutralises Insurgents, Recover Logistics in Gwoza AmbushTrump Orders Pentagon to Resume Nuclear Weapons TestingTinubu to Service Chiefs: End the 2009 Security Crisis Once and for AllCourt Remands Lawyer, Four Others Over Cyber Stalking and Extortion of Senator Shehu BubaAVM Aneke Assumes Command as 23rd CAS, Vows to Strengthen Air Power, National SecurityNSCDC Deploys 10,250 Personnel for Anambra Guber Poll, Warns Against ViolenceAbbas Takes Command, Declares Zero Tolerance for Maritime Crimes, Plans Fleet OverhaulMaj. Gen. Shaibu Takes Over as 25th COAS, Vows to Uphold Legacy of Exemplary LeadershipArmy Captures High-Profile IPOB/ESN Suspects, Neutralizes Terrorists in Nationwide OperationsICPC Reiterates Commitment to Accountability, Justice Reform, Youth ReorientationKano Police Nab 2 Armed Robbers, Recover Vehicle Stolen from NAF Officer in AbujaIGP Appoints Pioneer Director for Medical Services Directorate
X whatsapp