NIGERIA LOSES $16BN TO PSC – NEITI
Written by thereachfm on March 5, 2019
The Nigeria Extractive Industries Transparency Initiative (NEITI) said that Nigeria lost at least $16 billion in ten years due to non-review of the 1993 Production Sharing Contracts, (PSC), with oil companies.
This was made public in its latest report released in Abuja on Sunday where it said that the losses were recorded between 2008 and 2017.
It added that the review was particularly important for Nigeria because oil production from PSCs had surpassed production from Joint Ventures and was now contributing the largest share to federation revenue.