• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
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
    • EFCC

      EFCC Arrests NCAA’s Account Director, Two Others Over 2bn ‘Duty Tour…

      PHOTOS: ICPC Operatives Attacked as Young Vote Buyers Nabbed

      Efcc operatives attacked by political thugs

      Vote Buying: Political Thugs Attack EFCC Operatives

      EFCC Arraigns Professor, Indian over N1.4bn Fraud, $200,000 Thefts

      Chairman EFCC Abdulrasheed Bawa

      EFCC Under Bawa Nightmare of Corrupt Public Officers, Fraudsters – CSOs

  • Fact-Check
  • Economy
    • Minister Unveils Nigerian Navy’s Navigational Charts for Inland Waterways Development

      Passport: NIMC Urged to Justify N1,000 Fee for NIN Verification

      DG NEMA, Mustapha Habib Ahmed

      Incessant Fire Outbreaks: NEMA Boss Laments, Calls for Nationwide Awareness

      Finally, CBN, Commercial Banks Declare Old Naira Notes Legal

      Tinubu Elumelu in Video

      That Tinubu-Elumelu Video and the PR Stunt!

  • National
    • Guber Elections: How APC, PDP, NNPP Captured 20 States… Rivers, Kaduna,…

      Map of Nigeria

      2023 Governorship Election: Live Updates from INEC IReV Results in 28…

      CISLAC boss, Musa Rafsanjani

      TMG to INEC: Redeem your image by conducting credible March 18…

      NASS Speakership: GGTI Roots for Sada Soli

      How Gov’t Can Address High Inflation Rate – ACCI

    • Government
      • Guber Elections: How APC, PDP, NNPP Captured 20 States… Rivers, Kaduna,…

        2023 Polls: BPSR, UNILAG sign MoU to Train Elected Governors

        Youth Minister Inaugurates Committee on NYSC @50 Anniversary Celebration

        NYSC Threatens Legal Action Against Persons ‘Abusing’ Corpers’ Uniform

        In Three Months, Fire Destroys Property Worth N23.3bn

  • Security
    • NDLEA Seizes 1.2m Pills of Tramadol, Intercepts Intercepts Heroin Consignment

      CDS Gen Lucky Irabor

      DHQ Reacts as Embattled Reps’ Leader, Military Troops Appear in AK-47…

      police

      Gubernatorial-Assembly Elections: Police Commands Assure Citizens of Adequate Security in States

      Commodore SA Lawal Military Pension Boss MPB

      Debarment Allowance: Pension Board Requests Documents to Pay Military Retirees, NoKs’

      Inmates

      Drug Abuse Campaign: NDLEA Sensitizes Inmates in Ogun Juvenile Prison

  • Features
    • Jaigbade Alao: A Garland of Music and- A Tribute

      PRNigeria Fact-Check Reveals Identity of Abia Assembly’s Member-Elect, Anthony Abiola

      INEC

      Mainstream Media Coverage of Nigeria’s 2023 Presidential Election 

      Asiwaju Bola Tinubu of APC

      Nigeria: At the Cusp of Renewed Hope By President-Elect Bola Tinubu

      Kwara Politics and Ward-to-Ward Campaign – A Personal Experience, By Gidado…

  • State
    • Gov Abdulrahaman abdulrazak of Kwara

      AbdulRazaq tasks IEDPU on Development Projects

      herdsman

      Herders Killed 5,138 in Benue in Eight Years – BSEMA

      Kwara Gov mourns Death of Civil Rights Activist, Bashiru Saliu

      After APC’s Lanslide Victory in Kwara, Gov Leads Mustapha, Aluko, Shagaya…

      New Naira Notes: We Rejected Proposed April 10 Extension, Other FG’s…

  • Event
    • 12 Things you Should Know about Armed Forces Remembrance Day in…

      Buk 92 Class 30th Anniversary

      PHOTOS: WhatsApp Reunites BUK 92 Class After 30 Years… As Old…

      Nigerian Navy Charges Personnel On Discipline, Professionalism

      President Buhari Hails CDI Gen Samuel Adebayo on Defence Intelligence, Staff…

      At Ceremonial Sunset, Naval Chief Honours Officers who Freed 250 Abducted…

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.

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

the nation nigerian newspapers

Kidnapped School Children

Yauri FGC Students, Kebbi
641 days 23 hours 5 minutes 8 seconds,

Baptist School Students, Kaduna
624 days 46 minutes 33 seconds

Tegina Islamiya Pupils, Niger (Freed)
Spent 88 days from May 30, 2021 - August 26, 2021


Report By: PRNigeria.com

 
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
http://www.PRNigeria.com

RELATED ARTICLESMORE FROM AUTHOR

AU- PSC  extend mandate of MJTF by additional 1 year, untill Feb. 2024

Military Operations: Counting the Cost of Sabotage

Bad Day: Gunshots at Abuja Prison, Attacks on Presidential convoy, Killing of ACP in Katsina

Military Troops

82 Terrorists Killed as Military Raid Bandits Camp in Zamfara

Ahmed Rufai NIA DG, CISSA Chair

Emir Appoints Spy Chief Ahmed Rufai as Sardaunan Katsina

Solacebase Trains Journalists On Investigative Health Reportage At Grass-Root

Ronald Mutum

Journalists Mourn Death of Defence Correspondent, Ronald Mutum

IPRA Board Rejects Entries from Russia for 2022 Golden World PR Awards

Malam Inuwa Foundation

Ramadan: Inuwa Foundation Shares 2,700 Rice Bags to Jigawa Orphans

Himma Bata ga rago

Exploring Resources for Socio-Economic Development of Jigawa North-East Senatorial Zone

SAEMA 2020: How Winners Bagged Outstanding Security and Emergency Management Awards

How Igbo Eze South LG Chairman is Redefining Grassroots Development By Chidi Omeje

  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
X whatsapp