Nigeria lawmakers look into recovering $21bn revenues from oil groups
Nigerian lawmakers ordered an investigation on Thursday into whether the government could recover $21-billion in revenues from international oil companies.
Oil minister Emmanuel Ibe Kachikwu said in December the government had failed to enforce a legal provision entitling it to a greater share of crude sales once the price exceeded $20 a barrel.
Members of Nigeria's lower house of parliament voted to set up a committee to look into "the reasons for the loss", which the minister had estimated at $21-billion.
The committee would look into "the possibility of recovering the revenue lost," according to a statement on parliament's Twitter account.
The committee will ask the minister to provide details of financial transactions between the state oil firm and international oil companies and report back to parliament in six weeks, it added.
International oil companies in Nigeria include Shell, ExxonMobil, Chevron, Total and Eni.
In December, the oil minister said Nigeria was seeking to amend a law on deep offshore oil exploration and drilling, aiming to enforce the provision that the government take a greater share of crude sales when prices passed the $20 mark.
The minister said at the time that it would be difficult to recoup the historic losses, incurred since 1993, as the oil companies were not breaking the law.
Nigeria's government relies on oil for around two-thirds of its revenue, and is still largely dependent on crude production despite the current administration's attempts to divers
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation