Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

How Nigeria lost billions of dollars in the oil industry

Onome Ohwovoriole by Onome Ohwovoriole
December 14, 2017
in Business News
How Nigeria lost billions of dollars in the oil industry

Ibe Kachikwu, Minister of State, Petroleum Resources.

Share on FacebookShare on TwitterShare on Linkedin

Minister of State for Petroleum Ibe Kachikwu has stated the intention of the Federal government to amend the Deep Offshore Act. Kachikwu disclosed this after yesterday’s Federal Executive Council (FEC) meeting in Abuja.

“The first and most substantial for me is the decision to work with the Attorney General to amend section 15 of the PSC of the Deep Offshore Act. Under the Act, there was a provision in 1993 that once the price of crude exceeds $20 per barrel, the government will take steps to ensure that that premium element is then distributed at an agreed premium level.

Why is the Act being amended ?

Aside the monetary losses rising from the non enforcement, offshore crude oil production has increasingly become prolific. On shore production has often been frought with shut ins due to militant attacks and communal restiveness.

Nigeria is dependent on crude oil earnings  for foreign exchange income as well as Federal revenue. A fall in oil prices and crude oil production volumes, pushed the economy into a recession last year.

RelatedPosts

Ex-Minister, Kachikwu clears air on alleged stolen car, says claims are false, misleading

Petrol importation: FG shifts goal post to 2023

How much has Nigeria lost  ?

Kachikwu also disclosed that Nigeria has lost an estimated $20 billion by not enforcing the Deep Offshore Act. The estimated losses could even be much more since crude oil has traded at over $20 per barrel for over a decade. He however expressed optimism, that some of the funds could be recovered.

Unanswered questions

Why has Nigeria failed to enforce this section of the Act despite having a succession of experienced Ministers of Petroleum cum Special advisers from 1993 till date ? Is the delay in amendment due to a lack of capacity in the ministry or a deliberate Act ?

News continues after this ad


Time is of the essence

An impending cabinet reshuffle as well as general elections means politics is gradually taking centre stage.

Related

Tags: Deep Offshore ActIbe KachikwuNews Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • LinkedIn Local Lagos set to hold the third edition
    • Atiku pledges to give states power to generate, transmit and distribute electricity if elected president
    • FG asks Google to remove Maxi Credit, Here4U, ChaCha, SoftPay loan apps from Play Store

    Follow us on social media:

    Recent News

    LinkedIn Local Lagos set to hold the third edition

    LinkedIn Local Lagos set to hold the third edition

    August 19, 2022
    Atiku pledges recruitment of more security personnel, provide adequate equipment if elected

    Atiku pledges to give states power to generate, transmit and distribute electricity if elected president

    August 19, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com